EUR/USD Price Analysis: Selling pressure alleviated above 1.1390
- EUR/USD alternates gains with losses in the low-1.1300s.
- A break above the 4m resistance line exposes further recovery.
EUR/USD struggles for direction in the 1.1320/30 band on turnaround Tuesday.
EUR/USD Price Analysis: If the pair manages to regain strength it should face the initial target at the 55-day SMA at 1.1364 ahead of the YTD high at 1.1386. Further up comes the 4m resistance line near the 1.1400 yardstick. The surpass of the latter should mitigate the downside pressure in the short-term horizon.
The broader negative outlook for EUR/USD is seen unchanged while below the key 200-day SMA at 1.1737.
EUR/USD Price Analysis: EUR/USD daily chart
- EUR/USD is subdued just under its 50DMA as traders await Fed speak from two hawks and Chairman Jerome Powell.
- Hawkish Fed speak could support the US dollar, says ING.
EUR/USD has continued its recent pattern of ranging within well-estabilished parameters so far this week. After rebounding on Monday from sub-1.1300 lows as the pair found support ahead of a test of recent lows in the 1.1280 area, EUR/USD rallied all the way back to test its 50-day moving average in earlier Tuesday trade in the 1.1340s. However, for the third time in as many weeks, EUR/USD has been unable to stage a meaningful rebound to the north of this level and is now back to trading in the 1.1330s, broadly flat on the session.