EUR/USD Price Analysis: Interim resistance emerges at 1.0950

Market news

17 August 2023

EUR/USD Price Analysis: Interim resistance emerges at 1.0950

EUR/USD regains traction after bottoming out near 1.0860.
Further recovery should initially target the mid-1.0900s.

EUR/USD reverses four consecutive sessions of losses and regains the area beyond 1.0900 the figure on Thursday.

If the rebound gathers extra steam, it could encourage the pair to dispute the interim 55-day SMA at 1.0951 prior to the weekly peak at 1.1065 (August 10). Further north from here comes the weekly high of 1.1149 (July 27). Once this region is cleared, the pair’s downside pressure is expected to mitigate.

Looking at the longer run, the positive view remains unchanged while above the 200-day SMA, today at 1.0787.

EUR/USD daily chart

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