EUR/USD Price Forecast: 100-day SMA caps Euro recovery
The Euro is poised to end Monday’s session with losses of about 0.13% against the Greenback, as recent news points to a delay in talks between the US and Iran, while, from a technical perspective, EUR/USD stalled at the 100-day Simple Moving Average (SMA) near 1.1568.
EUR/USD Price Forecast: Technical outlook
Overall, the EUR/USD is poised to consolidate further, though it is slightly tilted to the upside after buyers reclaimed the 50-day SMA. Momentum confirms the short-term upward bias, as indicated by the Relative Strength Index (RSI).
That said, the first resistance for EUR/USD is the 100-day SMA. A breach of the latter will expose 1.1600, followed by the 200-day SMA at 1.1629. Once those two levels are removed, the next target is the 1.1700 psychological figure.
On the flip side, if EUR/USD drops below 1.1500, a pullback towards the 50-day SMA at 1.1469 is on the cards. Below, the next area of interest is the 1.1400 mark, followed by the July 28 swing low of 1.1353.
EUR/USD Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Thailand SEC proposes retail access to regulated overseas crypto derivatives
Solana fees hit record as validators double pace of inflation cuts
Global bond market sell-off intensifies! Australian bond yields hit a fifteen-year high as traders bet on Reserve Bank of Australia resuming rate hikes soon
Due to intensified global sovereign bond sell-offs and domestic inflation and consumption data continuously exceeding expectations, Australia’s benchmark government bond yield has risen to its highest level since 2011.
Japan’s MOF official says expects BoJ to steer policy aligned with economy, not influenced by US
Crypto prices
More
