EUR/USD showed some vital signs after the release of gloomy macro data from the United States and moved higher to test 1.0630 level. Following the inicial excitement the pair is now calm and currently is trading at 1.0625. Key resistance ramains 1.0630, while fisrt support is seen at 1.0570.
EURUSD is facing the initial hurdle at 1.0630 (100-DMA) followed by 1.0690 (20-DMA) and 1.0810 (200-DMA). To the downside, supports align at 1.0570 (Apr. 10 low), 1.0455 (Jan. 11 low) and finally 1.0390 (Jan. 4 low).
The euro fell against the US dollar on Friday. By the close of US trading, EUR/USD was trading at 1.0612, losing 0.04%. I believe that support is now at around 1.0568, Monday's low, and resistance is likely at 1.0679, Thursday's high.
On the last Friday’s session the EURUSD went back and forward with a narrow range and without any clear direction but closed near the low of the day, in addition the currency pair managed to close within Thursday’s range, which suggests a being slightly on the bearish side of neutral.
The currency pair closed again below the 10 and the 50-day moving averages that should provide dynamic resistance and is also trading below the 200-day moving average that should act as dynamic resistance.
The key levels to watch are: a Fibonacci level at 1.07132 (resistance), the 50-day moving average at 1.0653 (resistance), the 10-day moving average at 1.0625 (resistance), a daily resistance at 1.0622, and a Fibonacci retracement at 1.0584 (support).
EUR/USD finally started moving to the upside after the tight sideways consolidation on Friday. A breakout above the resistance at 1.0655, which coincides with the (MA)89 indicator on the four-hour time-frame will likely lead to another rally to 1.0690, which is the same indicator, but on the daily time-frame.
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