EUR/USD at 1.0500, Eyes on Data

17 באוק׳ 2023

EUR/USD witnessed a fresh selling spree, plummeting to 1.0500 in Tuesday's Asian trading session. Resurging demand for the US dollar weighs heavily on the pair amid cautious sentiments. Markets are eagerly awaiting Germany's ZEW Survey and US Retail Sales data for potential new trading cues. From a technical perspective, the EUR/USD uptrend lacks signs of a substantial northward move. Intraday rallies remain subdued, struggling beneath Friday's highs, while the pair continues trading below all its moving averages. The 20-period Simple Moving Average (SMA) firmly acts as a downside resistance around 1.0570. Meanwhile, technical indicators show mixed signals, with upward momentum slightly below 100, and the Relative Strength Index (RSI) hovering around 43. However, the 100-day SMA restricts significant upside moves, and the 20-day SMA converges closer to the longer SMAs, maintaining a bearish inclination.

Support Levels: 1.0495, 1.0450, 1.0400

Resistance Levels: 1.0570, 1.0610, 1.0650