The single currency lost ground against the dollar for a second day after trading in a relatively narrow range. The daily limit values were reached respectively at 1.1052 and 1.0989, as the euro depreciated by 9 pips to a closing price of 1.1018. Thus, the pair marked a decline of 2.8% over the last eight sessions. Technical outlook remains negative, downward crossing of the moving averages will contribute to the bearish sentiment. Main target downwards remain 1.0960.
Yesterday the EURUSD went back and forward with a narrow range and closed in the middle of the daily range, however managed to close within the previous day range, suggesting lack of momentum.
The pair is trading below the 10 and the 200-day moving averages that are acting as dynamic resistances however is still trading above the 50-day moving average that are acting as dynamic support.
The key levels to watch are: The previous swing high at 1.1376, a daily resistance at 1.1237, the 10-day moving average at 1.1106 (resistance), a daily resistance at 1.1097, the 200-day moving average at 1.1024 (resistance), 50-day moving average at 1.0982 (support) and a daily support at 1.0900.
A second day the EUR/USD is trading around open price which proves that the support level remains and the market is uncertain, EUR/USD failed to break under the support levels and rebounded to sustain over 1.1000, most probably we will see a rebound from this levels second option if price succeeded to stay under support line will be a good opportunity for going short.
sherifFares posted: A second day the EUR/USD is trading around open price which proves that the support level remains and the market is uncertain, EUR/USD failed to break under the support levels and rebounded to sustain over 1.1000, most probably we will see a rebound from this levels second option if price succeeded to stay under support line will be a good opportunity for going short.
I agree with you on that, Let us see what will be the next move for the EUR/USD till the end of this week.
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