09:56, 22 December

EURUSD Daily Analysis

The EURUSD pair traded higher for the fourth consecutive session yesterday to finish at 1.1874, following a high at 1.1890. Currently, the daily MACD and RSI indicators are trading flat above their midlines, hinting at a positive technical scenario. However, a possible centerline crossover by the 2H MACD to trade into the negative region, accompanied by the 8H RSI and stochastic indicators pointing towards the south, indicates at likely weakness over intraday basis. Key technical support is situated at the 20day SMA (currently placed at 1.1825), followed by the 4H 200SMA (currently trading at 1.1792/90) and the 50day SMA (currently placed at 1.1765). A breach below the latter might turn the main trend to bearish. Meanwhile, immediate resistance is placed at the 2H upper Bollinger Band (currently located at 1.1886/90), followed by the daily upper Bollinger Band (currently trading at 1.1925) and 1.1961/65 level. A break above the latter might lead to further acceleration to the upside.