Forex News

100-HMA, weekly trendline in focus

  • EUR/USD extends Friday’s pullback moves, stays above near-term key support.
  • Sluggish MACD suggests a lack of momentum.
  • 200-HMA offers additional support after a downside break below the support confluence.

EUR/USD nears the short-term support confluence including 100-HMA and the weekly support line while taking rounds to 1.1015 amid early Tuesday’s trading. That said, the pair recently dropped, from 1.1030 to 1.0983, in a flash crash amid broad US dollar strength but failed to extend the losses and bounced afterward.

Even so, sluggish MACD and the pair’s pullback from multi-day top keep sellers hopeful.

Though, a clear break below 1.0980/75 becomes necessary for the pair’s drop towards March 24 high near 1.0890 and 200-HMA level of 1.0870.

On the upside, 1.1090 and the Friday’s top near 1.1150 could keep the near-term advances guarded.

EUR/USD hourly chart

Trend: Further weakness expected

 

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