10:55, 02 February
EURUSD Daily Analysis
The EURUSD pair traded higher for the third straight session yesterday and closed at 1.2510, after hitting a high at 1.2522. Although the daily MACD is moving upwards, the RSI and stochastic indicators are showing loss of upward potential, hinting at possible negative momentum in the coming session. In addition, the 4H & 8H stochastic and RSI indicators are trading with a downside bias, further confirming the above stance. Immediate support is placed at the 1.2456/55 level, followed by the 2H 50SMA (currently trading at 1.2426/25) and the 1.2385 level. A breach below the latter might lead to bearish momentum in the pair. On the bright side, key technical resistance is aligned at the 1.2531/35 level, followed by the 1.2568/70 and the daily upper Bollinger band (currently placed at 1.2605). A sustained break above the latter might trigger further acceleration to the upside.