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Home Forex News

FOREX: EUR/USD stabilizes below 1.0850 FOREX:

Admin by Admin
January 31, 2023
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The EUR/USD pair has managed to stage a rebound after having declined toward 1.0800 earlier in the day. However, it lost its momentum before reaching 1.0850.

As investors await consumer sentiment data from the US, the US Dollar holds its ground and cap’s the pair’s upside.

The EUR/USD pair recovered from the mentioned low to trade at around 1.0830 ahead of Wall Street’s opening, as European stocks bounced off their early lows, maintaining the red. From a technical point of view, the daily chart shows that the pair is down for a fourth consecutive day, although recovering from around a bullish 20 Simple Moving Average (SMA), currently at around 1.0795.

Related- USD/CAD Hangs Near Daily Low

The longer moving averages remain far below the current level, with the 100 SMA aiming to cross above a flat 200 SMA. Technical indicators, in the meantime, keep heading south within positive levels, anticipating further declines without confirming them.

In the near term, and according to the 4-hour chart, the risk skews to the downside. The pair has fallen further below a now bearish 20 SMA and is struggling around a bullish 100 SMA. At the same time, technical indicators stand below their midlines, the Momentum is directionless while the RSI heads firmly south at around 38.

A critical support level comes at 1.0745, the 61.8% retracement of its 2022 slump. Bears could take control of the pair if it breaks below it, although it seems unlikely ahead of the upcoming first-tier events.

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