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EURUSD showed a minor recovery after a massive sell-off. It hit a high of 1.08243 yesterday and is currently trading around 1.07486.
Yesterday, the EUR/USD exchange rate saw a significant bounce back. This was mainly due to recent decisions by the Federal Reserve and the Bank of England regarding their monetary policies. After the Fed announced a widely expected interest rate cut of 25 basis points, the US dollar became weaker. This change encouraged more traders to buy euros, boosting the value of the euro against the dollar. However, this recovery seems to be temporary. Today, the EUR/USD is experiencing new selling pressure and has had a hard time holding on to its recent gains. It has pulled back below the 1.07500 level.
Technical Analysis Overview
The pair remained below both short-term (34 and 55-4H EMA) and long-term (200-4H MA) moving averages.
Resistance Levels: Near-term resistance is at 1.0800. A breakout above this could push the pair towards targets at 1.0835/1.08750/1.09200/1.1000, and possibly 1.1070. Major bullish momentum is expected only if prices surpass 1.1150, which would open the door to 1.11780 and 1.12150.
Support Levels: Immediate support is at 1.0700. A drop below this could lead to further declines to 1.0660/1.0600 and even 1.0500.
Indicator Insights (4-Hour Chart): The Commodity Channel Index (CCI) - Bearish trend and the Average Directional Movement Index (ADX) indicates a neutral trend.
Trading Strategy
Given the bearish sentiment in technical indicators, a sensible strategy would be to sell on rallies around the 1.0778-80 mark, with a stop-loss at 1.0835 and a target price of 1.0600 for potential gains.
