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Instrument: EURUSD
Bullish Preference:
A buy position is envisaged if the price trades above 1.07763 WithTake profit at 1.07926
Bearish Preference:
A sell position is envisaged if the price trades below 1.07526 with Take profit at 1.07405
Fundamentals:
No major Fundamental
Comment:
The recent struggle at key resistance reinforces the view that the US dollar’s (DXY Index) rally is losing steam as recent data eases concerns that the US economy is resurging.
EUR/USD is near a fairly strong cushion on the 200-day moving average, coinciding with the lower edge of an upward-sloping channel, and the 89-week moving average. Despite the choppy price action since the beginning of 2023, the pair hasn’t made a lower low since late last year, suggesting that the broader bias remains up. However, any fall below 1.0500-1.0600 could threaten the uptrend. Meanwhile, EUR/USD is looking oversold, raising the prospect of a rebound. For any rebound to be material, the pair would need to cross above last week’s high of 1.0950.
Analysis: SCRUM Team
