EUR/USD Price Analysis: Flirts with a nearly two-week-old ascending trend-line, around 1.0600 – by hareshmenghani EURUSD Technical Analysis Majors Currencies
The setup supports prospects for the emergence of some dip-buying at lower levels.pair seesaws between tepid gains/minor losses through the early North American session and is currently placed in neutral territory, around the 1.0600 mark.
From a technical perspective, the EUR/USD pair, so far, has managed to defend support marked by an upward-sloping trend-line extending from December 7. A convincing break below might prompt aggressive technical selling and accelerate the fall towards the 100-period SMA on the 4-hourMeanwhile, oscillators on hourly charts have just started drifting in the negative territory and favour bearish traders amid looming recession risks.
That said, some follow-through selling will make the EUR/USD pair vulnerable to weaken below the 1.0500 psychological mark and test the next relevant support near the 1.0460-1.0455 area. The latter coincides with the lower boundary of a nearly two-month-old ascending channel and should act as a pivotal point for short-term traders.
On the flip side, the 1.0650-1.0660 region now seems to have emerged as an immediate hurdle. This is closely followed by the 1.0680 horizontal barrier ahead of the 1.0700 round figure. Any subsequent move-up could meet with some supply near the trend-channel resistance, currently around the 1.0725 area, just ahead of the post-ECB swing high.
A sustained strength beyond will be seen as a fresh trigger for bullish traders and set the stage for an extension of the recent strong recovery move from over a two-decade low touched in September. The EUR/USD pair might then aim to reclaim the 1.0800 round-figure mark for the first time since April 2022.
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