EUR/USD Price Analysis: Pair Stabilizes Below 20-day SMA After Sharp Weekly Decline
EUR/USD is showing mild movements after a volatile week, slightly rebounding after recent sharp losses. After facing a third rejection at the 100-day SMA, the pair plummeted to a two-week low, shedding over 0.70% before stabilizing. Key resistance is noted at the 20-day SMA near 1.0420.
EUR/USD concluded the week with a marginal recovery. Despite this, it remains vulnerable after failing to sustain gains above the 100-day Simple Moving Average (SMA). The pair met strong resistance at this level, coinciding with the 20-day SMA, which heightened the possibility of a bearish crossover.
Despite the downward pressure, the pair stabilized just below the 20-day SMA, limiting further downside movement. Technical indicators, including a flat Relative Strength Index (RSI) in negative territory, signal a temporary pause in bearish momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram showed a fresh red bar, indicating ongoing selling pressure.
Key Technical Levels to Watch
- Immediate Resistance: 20-day SMA (requires reclaiming for sustained recovery)
- Potential Resistance: 100-day SMA (if 20-day SMA is breached)
- Immediate Support: 1.0380
- Key Support: 1.0350 (a break below could dictate the next directional move)
EUR/USD Daily Chart
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