EUR/USD Struggles At $1.0748, Above the 9-Day Moving Average

Share On Facebook
share on Linkedin

Looking at the daily chart of the 9-day moving average, we see the price action performing above the moving average curve. However, EUR/USD continues to struggle at $1.0700. At this point, there is a strong battle between buyers and sellers for market control. The up trending in the market may be due to inflation in the U.S.
Resistance levels = 1.1502. 1.1147,1.1177
Support levels = 1.0769, 1.0482, 1.0339


According to the Relative Price index (RSI), the market is performing well above 50% level. The RSI reading is precisely at 61.18%. This indicates an up-trend performance.
The histogram of the MACD is also performing well above point 0. The faster moving average curve and the slower moving average curve are considerably far from each other. By this, the implication is that the uptrend should continue for a while.
However, it seems like the price is pegged at $1.0700. More buyers are needed to push the price up. According to the Personal Consumer Expenditure (PCE), the index shows a drop from 5.2% to 4.9%, confirming their expectation or forecast for the year. This is affecting the US dollar.
By the indications from the chart, the value of the pair may continue to rise. It may reach up to the resistance level of $1.1177.

Teach yourself Technical Analysis: Technical Analysis

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

Do you want to write for our Newspaper? Get in touch:

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20220816 01:23:50