Remains subdued near 1.0500 within a rising wedge pattern – Crypto News – Crypto News
Connect with us
EUR/USD struggles under the weight of the Greenback EUR/USD struggles under the weight of the Greenback

others

Remains subdued near 1.0500 within a rising wedge pattern – Crypto News

Published

4 months ago

on

  • EUR/USD could lose ground amid a potential bearish reversal as the pair trading within a rising wedge pattern.
  • The downward correction would be indicated if the 14-day RSI surpasses the 70 mark.
  • The pair may test its primary support level at the nine-day EMA of 1.0453.

The EUR/USD pair edges lower after gaining some good profits in the previous session, trading around 1.0500 during the Asian session on Friday. A closer examination of the daily chart indicates a potential bearish reversal as the pair trading within a rising wedge pattern, indicating the declining volume as the pattern develops, signaling weakening buying pressure for the pair.

However, the 14-day Relative Strength Index (RSI), a key momentum indicator, is hovering near 60, indicating continued bullish support for the EUR/USD pair. A move beyond the 70 level would signal overbought conditions, potentially leading to a downward correction. Additionally, the pair remains above both the nine-day and 14-day Exponential Moving Averages (EMAs), reinforcing strong short-term momentum.

On the upside, the EUR/USD pair could face initial resistance at the upper boundary of the rising wedge at 1.0540. A breakout above the wedge would reinforce the bullish bias and support the pair to test the two-month high of 1.0630, reached on December 6.

The EUR/USD pair is expected to test its key support level at the nine-day EMA of 1.0453, followed by the 14-day EMA at 1.0436, which aligns with the lower boundary of the rising wedge. A decisive break below this crucial support zone could trigger a bearish bias, increasing downward pressure on the pair and potentially driving it toward the 1.0177 level—the lowest since November 2022, last recorded on January 1.

EUR/USD: Daily Chart

Euro PRICE Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the US Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.07% 0.09% 0.50% 0.03% 0.14% 0.00% 0.07%
EUR -0.07%   0.01% 0.44% -0.04% 0.07% -0.07% -0.00%
GBP -0.09% -0.01%   0.42% -0.05% 0.05% -0.09% -0.02%
JPY -0.50% -0.44% -0.42%   -0.43% -0.34% -0.49% -0.42%
CAD -0.03% 0.04% 0.05% 0.43%   0.10% -0.03% 0.03%
AUD -0.14% -0.07% -0.05% 0.34% -0.10%   -0.14% -0.08%
NZD -0.00% 0.07% 0.09% 0.49% 0.03% 0.14%   0.07%
CHF -0.07% 0.00% 0.02% 0.42% -0.03% 0.08% -0.07%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

 

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending