moving average dynamic resistance

The EUR/USD pair has been rejected from the 50 and 100 MA located at 1.0886 and in the short-term the bulls are under pressure. Currently, the volatility on the market was subdued and the market participants await the fundamental trigger to increase the market movement.

The immediate technical resistance is seen at the level of 1.0883 (100 MA), but the key technical support is seen at 1.0836. Please notice, the momentum is back under the level of fifty, so there is a confirmation of the bearish pressure on the lower time frame charts. Only a sustained breakout above the moving average dynamic resistance would change the outlook to more bullish.

Weekly Pivot Points:

WR3 - 1.09868

WR2 - 1.09389

WR1 - 1.09120

Weekly Pivot - 1.08910

WS1 - 1.08641

WS2 - 1.08431

WS3 - 1.07952

Trading Outlook:

Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might had been term

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Bulls Under Pressure as EUR/USD Faces Rejection from Key Moving Averages

InstaForex Analysis 05.07.2023 09:48

The EUR/USD pair has been rejected from the 50 and 100 MA located at 1.0886 and in the short-term the bulls are under pressure. Currently, the volatility on the market was subdued and the market participants await the fundamental trigger to increase the market movement. The immediate technical resistance is seen at the level of 1.0883 (100 MA), but the key technical support is seen at 1.0836. Please notice, the momentum is back under the level of fifty, so there is a confirmation of the bearish pressure on the lower time frame charts. Only a sustained breakout above the moving average dynamic resistance would change the outlook to more bullish. Weekly Pivot Points: WR3 - 1.09868 WR2 - 1.09389 WR1 - 1.09120 Weekly Pivot - 1.08910 WS1 - 1.08641 WS2 - 1.08431 WS3 - 1.07952 Trading Outlook: Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might had been terminated at the level of 1.2080 which is 61% Fibonacci retracement level. The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows. Read more: https://www.instaforex.com/forex_analysis/329986

Wiadomości

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