EUR/USD Price Analysis: Pokes 21-DMA hurdle around 0.9800.

EUR/USD remains on the front foot around weekly top.EUR/USD flirts with the 21-DMA hurdle surrounding the 0.9800 threshold as buyers struggle to defend upside momentum amid sluggish oscillators. Also challenging the major currency pair’s latest upside move are the sluggish conditions of the RSI (14) and MACD.

Hence, the pair’s upside break of the 21-DMA hurdle near 0.9800 isn’t a strong signal for the bulls. However, a run-up towards a downward-sloping resistance line from late June, around 1.0020, can’t be ruled out.

During the advances, the monthly high around the parity level and September’s peak of 1.0198 might act as buffers.Alternatively, a three-week-long horizontal support area near 0.9670-65 restricts short-term EUR/USD declines ahead of the latest swing low near 0.9630.

In a case where the quote remains bearish past 0.9630, the yearly low of 0.9535 could act as the last defense of buyers, a break of which could direct the bears towards the September 2001 high near 0.6335.

Overall, EUR/USD remains in the recovery mode but the trend reversal is far from here.

EUR/USD defends gains below 0.9800, US data loom

EUR/USD is consolidating gains below 0.9800, especially after Thursday’s tragic rebound from the fortnight low. Traders await the key US consumer-centric data on Friday. The US dollar stays on the backfoot despite hot inflation data. 

EUR/USD News 

GBP/USD steadies above 1.1300, awaits UK PM Truss, US data

GBP/USD is trading on the defensive above 1.1300, struggling for upside traction. Chatters over UK PM Truss’ tax cut plans, Kwartang’s return to London keep traders on the edge. Softer yields weigh on the US dollar ahead of US consumer-centric data.

GBP/USD News 

Gold pares weekly losses below $1,700 ahead of US consumer-centric data

Gold price (XAU/USD) picks up bids to refresh intraday high near $1,670, extending the previous day’s rebound from a fortnight low, as global markets turn cautiously optimistic ahead of Friday’s key US consumer-centric data.

Leave a Comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s