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Forex News

Strong hurdle aligns at 1.0880/90

  • The recovery in EUR/USD stalled once again near the 1.0870 level.
  • The pair could move into a consolidative phase in the near-term.

EUR/USD challenged once again the are of weekly highs near 1.0870, just below the key initial resistance in the 1.0880/90 band.

The pair keeps navigating near the “oversold” territory – as per the RSI indicator – and therefore there is still the probability of extra bullish attempts in the short-term horizon.

On the broader scenario, the bearish view remains unchanged as long as the spot trades below the 55-day SMA, today at 1.1045. However, the inability of sellers to push through the 1.0780/75 band in the short-term horizon could spark some consolidation, leaving that area as an interim bottom for the time being.

EUR/USD daily chart

 

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