EURUSD ticked up on Tuesday
Updated
EURUSD ticked up on Tuesday but failed to decisively push past confluence resistance between 1.0865 and 1.0880, where the 50% Fibonacci retracement of last year's decline intersects a key short-term descending trendline. Traders should continue to watch this ceiling in the coming days, bearing in mind that a bullish breakout could set the stage for a rally toward 1.0980.
In the event of sellers successfully defending the technical zone at 1.0865/1.0880, we could see downside pressure drive the exchange rate down toward support at 1.0810. The pair may stabilize around this floor during a pullback before resuming its ascent. However, if a breakdown occurs, a retest of the 200-day simple moving average at 1.0790 could be imminent, with attention then transitioning to 1.0775.
In the event of sellers successfully defending the technical zone at 1.0865/1.0880, we could see downside pressure drive the exchange rate down toward support at 1.0810. The pair may stabilize around this floor during a pullback before resuming its ascent. However, if a breakdown occurs, a retest of the 200-day simple moving average at 1.0790 could be imminent, with attention then transitioning to 1.0775.
Comment
Comment
EUR/USD edged up slightly during Tuesday's Asian session and is currently trading around 1.0770. Both fundamental and technical outlooks call for caution before looking at the previous day's mild recovery from lows around 1.0730.Comment
EUR/USD needs to hold above 1.0800 to maintain the uptrend, if it falls below this level first support will appear around 1.0740, on the way towards 1.0660. A deeper decline would push the pair towards the year's low at 1.0600 if the USD regains its footing.
🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.