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MTrading Team • 2022-12-28

EURUSD stays on bull’s radar despite recent pullback

EURUSD stays on bull’s radar despite recent pullback

EURUSD retreats inside a six-week-old bullish channel as the holiday season allows buyers to take a breather. The pullback move, however, stays unimportant beyond the 1.0590-80 support zone comprising the 100-SMA and an upward-sloping trend line stretched from December 01. Even so, the stated channel’s support line, close to 1.0500 by the press time, will challenge the pair’s further downside. It’s worth noting that the 200-SMA acts as the last defense for bulls around 1.0450.

On the flip side, the 1.0700 round figure acts as an immediate hurdle for the EURUSD buyers to crack before aiming for the aforementioned channel’s top line, around 1.0760 at the latest. In a case where the pair remains firmer past 1.0760, May’s peak of around 1.0785 and the 1.0800 round figure may act as the buffers before highlighting the late April swing high surrounding 1.0985 and the 1.1000 threshold.

Overall, EURUSD appears losing upside momentum, as per the RSI and MACD signals, but the bears are far from winning the battle.

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