EUR/USD continues to press higher, aided in part by a weak US dollar. The pair are now closing in on a zone of resistance that may prove difficult to break.
The cluster resistance seen on the EUR/USD daily chart includes prior a horizontal line of note at 1.0787, both the 50- and 200-day simple moving averages at 1.0792 and 1.0795 respectively, before 1.0800 big figure resistance and trend resistance currently around 1.0815. This block should hold any short-term move unless theweakens further. The CCI indicator at the bottom of the chart also shows the pair in overbought territory and at levels last seen just before the early March sell-off.
Trend support and a cluster of recent highs around the 1.0735/1.0740 level should act as first-line support ahead of 1.0700.The percentage of net-long traders is 3.17% higher than yesterday but 8.25% lower than last weekThis shows that overall, retail traders are positioning more net-short EUR/USD compared to the previous day and previous week. Typically a contrarian view is taken to crowd sentiment.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD Forecast: Euro looks to test 1.0750-1.0760 resistance areaEUR/USD gathered bullish momentum in the late American session on Wednesday and closed the day in positive territory.
Read more »
Silver Rally Nears Important Breakout Price ResistanceStocks Analysis by Chris Kimble covering: XAU/USD, XAG/USD, Gold Futures, Silver Futures. Read Chris Kimble's latest article on Investing.com
Read more »
EUR/USD Price Analysis: Holds above psychological level of 1.0600 amid a bearish sentimentEUR/USD continues its losing streak for the sixth successive session on Tuesday, hovering near 1.0620 during the Asian trading hours.
Read more »
EUR/USD Price Analysis: The key contention level is seen at the 1.0600–1.0605 regionThe EUR/USD pair posts modest gains around 1.0625 after bouncing off the fresh yearly low of 1.0600 on Wednesday during the early European trading hours.
Read more »
EUR/USD Price Forecast 2024: Will We See Parity?EUR/USD Price Forecast 2024: Will We See Parity?
Read more »
EUR/USD Price Analysis: Extends recovery, the first upside target is seen at 1.0700The EUR/USD pair extends its recovery near 1.0688 on Thursday during the early European trading hours.
Read more »