The EURUSD currency pair, currently trading at 1.10083, is seeing increased buying interest, pushing it to its highest level in three weeks. This is happening as inflation expectations in the US differ from the hawkish comments made by a European Central Bank (ECB) official. According to @nehcap’s perspective, there is anticipation for additional gains in the future.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• EUR/USD picks up bids to prod three-week high as US inflation expectations contrast with ECB official’s hawkish remarks.

The pair currently trades last at 1.10083.

The previous day high was 1.1002 while the previous day low was 1.0944. The daily 38.2% Fib levels comes at 1.0979, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0966, expected to provide support.

EUR/USD bulls print a three-week high near 1.1015 during a four-day winning streak amid early Tuesday in Asia, extending the previous day’s upside break of the key resistance line towards pushing the Euro buyers toward another key upside hurdle.

In doing so, the EUR/USD pair justifies the previous day’s upside break of the two-month-old descending resistance line, now immediate support near 1.0980.

Adding strength to the bullish bias are the bullish MACD signals and the upbeat RSI (14) line, not overbought.

However, the previous monthly high of around 1.1015 prods the EUR/USD bulls as traders await the second-tier Eurozone sentiment figures, as well as the US inflation data.

Also read: EUR/USD: Euro bulls attack 1.1010 hurdle as US Dollar slides on downbeat inflation expectations

Even if the EUR/USD manages to remain firmer past 1.1015, the yearly high marked in May around 1.1100 will challenge the Euro buyers before giving them an extra boost.

On the contrary, a downside break of the resistance-turned-support line of around 1.0980 can trigger a short-term pullback in the EUR/USD price. However, the bears remain off the table unless witnessing a daily closing below the 100-DMA, around 1.0835 by the press time.

Even so, an upward-sloping support line from March, close to 1.0730 at the latest, will challenge the EUR/USD bears before giving them control.

Trend: Further upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.1007 at the time of writing. Pair opened at 1.1001 and is trading with a change of 0.05% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0912, 50 SMA 1.086, 100 SMA @ 1.0832 and 200 SMA @ 1.0627.

The previous day high was 1.1002 while the previous day low was 1.0944. The daily 38.2% Fib levels comes at 1.0979, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0966, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0963, 1.0924, 1.0905
• Pivot resistance is noted at 1.1021, 1.104, 1.1079

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...