EUR/USD has declined toward 1.1300 during the Asian trading hours on Friday but managed to erase its daily losses. Technical signs suggest that recovery attempts are likely to remain limited in the short-term, FXStreet’s Eren Sengezer reports.
Sellers to take action with a drop below 1.1300
“EUR/USD has been posting lower highs on the four-hour chart since the beginning of the week, suggesting that recovery attempts remain technical in nature.”
“The Relative Strength Index (RSI) stays below 50, confirming the view that buyers remain uninterested for the time being.”
“The 200-period SMA forms the first resistance at 1.1320. In case the pair stays below that level, 1.1300 (psychological level) aligns as first support before 1.1270.”
“On the upside, the descending trend line acts as a static hurdle at 1.1340 ahead of 1.1350, (00-period SMA and the Fibonacci 61.8% retracement of the latest uptrend) and 1.1380 (Fibonacci 50% retracement).”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.