Technical Analysis:
The EUR/USD is currently trading around 1.0788, a significant resistance level that could determine its next directional move. The pair has rallied strongly after a recent sell-off, now approaching both the 50-period and 200-period Weighted Moving Averages (WMAs) at 1.0777 and 1.0719, respectively. This area poses a major barrier for further gains.
If EUR/USD manages to break above 1.0788, we might see it extend towards 1.0820. Conversely, failure to overcome this resistance could lead to a pullback, with initial support found around 1.0750.
Support: 🔻 1.0750, 1.0700
Resistance: 🔺 1.0788, 1.0820
Moving Averages:
📉 The EUR/USD is nearing both the 50-WMA and 200-WMA, adding to the resistance around 1.0788. A close above these averages might signal a shift in momentum, but the bearish trend remains intact if the pair stays below this level.
Volume:
📊 Increased trading volume suggests strong buying interest as EUR/USD approaches 1.0788. Sustained high volume on a break above could confirm a bullish continuation.
Key Levels to Watch:
Support: 1.0750, 1.0700
Resistance: 1.0788, 1.0820
Outlook:
🚩 EUR/USD is at a critical juncture near 1.0788. A breakout above this level could fuel further upside, while failure to breach may keep the bears in control, especially with resistance from the WMAs.
Fundamental Analysis:
EUR/USD’s performance is shaped by recent economic indicators from both the Eurozone and the US, along with expectations for central bank policies. Investor sentiment remains cautious, with focus on upcoming economic data releases that could sway the pair’s direction.
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