The market is expecting a recovery for EURUSD
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in the risk mood after the previous flight to safety weighed on the US Dollar ahead of the weekend and helped the pair move higher. The driving force for recovery was the selling pressure on the USD when the DXY index dropped to 105.78. However, the bullish outlook for EUR/USD may be quite limited as the market is expecting that the ECB will cut interest rates in June, putting pressure on the Euro.
Technically, the EUR/USD pair on the 4H frame is still in a downtrend as the pair is still trading below the EMA 34. Besides, the RSI indicator is currently at 55. On the daily chart, today's session Through the RSI indicator, it has successfully escaped to the 30 - 50 range from below 30 and is continuing to move up. This is a quite positive signal showing the prospect of a longer recovery.
Market sentiment is still opposing but will lean towards the possibility of price recovery. EURUSD first needs to break through the 34 EMA barrier around 1.6600 to show that the recovery has returned. The greatest expectation of this reversal comes at the trendline resistance level of 1.08200 and in the opposite case the weakening of the pair could reach the lowest support level this year at 1.05200
support 1,060- 1,052
resistance 1,068 1,071 1,082
Technically, the EUR/USD pair on the 4H frame is still in a downtrend as the pair is still trading below the EMA 34. Besides, the RSI indicator is currently at 55. On the daily chart, today's session Through the RSI indicator, it has successfully escaped to the 30 - 50 range from below 30 and is continuing to move up. This is a quite positive signal showing the prospect of a longer recovery.
Market sentiment is still opposing but will lean towards the possibility of price recovery. EURUSD first needs to break through the 34 EMA barrier around 1.6600 to show that the recovery has returned. The greatest expectation of this reversal comes at the trendline resistance level of 1.08200 and in the opposite case the weakening of the pair could reach the lowest support level this year at 1.05200
support 1,060- 1,052
resistance 1,068 1,071 1,082
Comment:
waiting retest for EURUSd
Trade closed: target reached
Comment:
EURUSD broke resistance and retested quite nicely at the 1.068 area to maintain the price increase
Comment:
After the retest, the pair increased sharply
Trade active:
As analyzed, EURUSD has gradually recovered.
Comment:
uptrend return with EURUSD
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EUR/USD is clinging to recovery gains above 1.0650 in the Asian session on Monday. The pair regains lost footing, as markets remain upbeat and weigh negatively on the safe-haven US Dollar. Markets reposition ahead of key Eurozone and US data due later this week.