- EURUSD holds within tight range in near term
- MACD and RSI were below their mid-levels
EURUSD had another pullback off the lower boundary of the short-term trading range within 1.0450–1.0600, but the 20-day simple moving average (SMA) seems to be a tough obstacle to surpass.
Technically, the RSI indicator is pointing upwards below the neutral threshold of 50, while the MACD is holding above its trigger line beneath the zero level. Both confirm an upside retracement in the market.
If the pair successfully breaks above the immediate 20-day SMA line at 1.0520, it will retest the 1.0600 mark. A move above this region would be the green light for more increases until the 1.0665 resistance and the 50-day SMA at 1.0680. Further upward pressure could pave the way for the 200-day SMA at 1.0830.
On the other hand, a slide below the 1.0450 key level could lead to a retouch of the two-year low of 1.0330, ahead of the November 2022 low at 1.0220.
All in all, EURUSD has been developing within a consolidation area since mid-November, and the current risks are negative.
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