EURUSD Technical Analysis | Forexlive
On the daily chart EURUSD below, we
can see that the buyers remain in control with the daily uptrend still intact
as depicted by the moving
averages crossed to the upside. The target seems to be the high at 1.1033 and
the support in case the price pulls back
would be the 1.0759 level.
Today the market will be focused
on the US
CPI report, and we should see big movements in case the data
surprises. At the moment the price action is choppy and slow, and it’s unlikely
that we will see much movement in the market ahead of the report.
On the 4 hour chart below, we can
see that there’s a divergence between the last higher high and
the MACD. This can be a signal that the
price may retrace all the way back to the 1.0759 support. The price is also
struggling to break above the 1.0929 resistance. I
t’s likely that today’s data will
decide where the price will go next. In case the CPI misses, we should see the
buyers in control and the 1.1033 high being reached. On the other hand, if the
data beats expectations, we should see the sellers pile in and target the
support at 1.0759.
On the 1 hour chart below, we can
see more closely the current price action with the 1.0930 resistance being a
clear wall for the buyers at the moment. The moving averages are still crossed
to the upside, so the momentum is still in favour of the buyers, but this can
change if the CPI data surprises to the upside.
The near-term support for the
buyers will be the 1.0895 swing low level. The sellers will want to see that
level to break before considering shorts.