The pair recorded a moderate decline on Thursday, erasing most of its gains from the previous day. Thus the price remained at familiar territory for the third consecutive session, after failing to keep the daily progress. Session peak was reached at 1.0942, while the lowest point was recorded at 1.0835. Technically the outlook for the EUR/ USD remains neutral in the short term.
On yesterday session the EURUSD initially rose but found enough selling pressure near the last swing high to turn around and closed near the low of the day, however closed within previous day range, suggesting a week bearish momentum.
The pair still managed to close above the 10 and the 50-day moving average that continues acting as a dynamic support.
The key levels to watch are: 200-day moving average at 1.1048 (resistance), previous swing high at 1.0970 (resistance), 10-day moving average at 1.0868 (support), the 50-day moving average at 1.0825 (support) and the last swing low at 1.0711 (Support).
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