EURUSD Price Analysis

Forex 2020

Junior member
42 3
EUR/USD is trying hard to extend Tuesday’s bounce above 1.2150 but in vain, as the bulls remain nervous in the run-up to the Fed showdown.
The Fed is likely to strike a dovish tone, which could further weigh down on the greenback. At the time of writing, the main currency pair trades at 1.2160, almost unchanged on the day.
From a near-term technical perspective, the spot is hovering in the upper band of the recent trading range, having carved a potential symmetrical triangle formation on the four-hour chart.
A bullish breakout will be confirmed only if the price takes out the falling trendline (triangle) resistance at 1.2174 on a sustained basis. At that level, the 100-simple moving average (SMA) coincides.
At the moment, the euro pair is clinging onto the 21-SMA at 1.2157, awaiting a strong trading impetus. The upside break could call for a test of the 200-SMA at 1.2189, above which the 1.2200 could be probed.
Alternatively, the horizontal 50-SMA at 1.2130 would offer initial support. Further south, a breach of the rising trendline support at 1.2119 could yield a breakdown, opening floors towards January lows near mid-1.2100s.
The Relative Strength Index (RSI) points higher above the midline, suggesting that there is additional room to the upside.
 

Caleb!

Newbie
9 0
The Euro held between US$1.2100 and US$1.2140 and was near US$1.2120 at the US close. The Aussie dollar fell from highs near US78.00 cents to lows near US77.50 cents and was near US77.70 cents at the US close.
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock