The EUR/USD pair's recent performance shows a general upward trend over the last five sessions, with a notable increase of 1.07%1. However, the pair has struggled to gain significant momentum, oscillating in a narrow range and facing resistance levels around 1.110012. Despite the upward movement, the Relative Strength Index (RSI) remaining in bearish territory and the pair trading below key EMAs suggest a bearish outlook2.
- Recent Performance: EUR/USD has been on an upward trend, with a recent increase of 1.07% over the last five sessions1.
- Market Sentiment and Technical Indicators: Despite the positive momentum, the pair faces resistance at 1.1100 and has been unable to capitalize on earlier rebounds1. The RSI remaining in bearish territory and the pair trading below the 50- and 100-day EMAs indicate a continued bearish bias2.
- Support and Resistance Levels: The key support level to watch is 1.0800, and the immediate resistance is at 1.0845-1.08502. The pair's recent trading near 1.0816 suggests a slight pullback from the resistance level2.
In conclusion, while EUR/USD has shown some positive movement, the overall sentiment and technical indicators suggest a more bearish outlook, with the pair likely to face continued resistance above 1.1100 and finding support below 1.080012.
10/9/2024 10:47am
