Eurusd Remains Negative

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Eurusd Remains Negative

Eur/Usd Remains Negative Under 1.0950

The EUR/USD can be seen near the 1.0950 handle, which shows it remains in negative territory. The bearish trend in the EUR/USD is due to the USD demand as the markets brace for high-level data releases from the USA.

The EUR/USD technical chart suggests there needs to be more clarity on what's ahead. For instance, the EUR/USD D1 indicates that the sentiment is bearish to neutral. In addition, the 20 SMA present near the 1.0970 handle also continues to send the EUR buyers lower.

As for the moving averages with more extended periods, they show no angle at all, which suggests a lack of direction. Similarly, most of the technical indicators are still neutral, which indicates that not enough EUR buyers are present in the market.

4-Hr Chart Shows Eur Sellers In Control

The near-term trend of the EURO/DOllar shows an increasing risk of downward movement. For instance, the 4-hour chart continues to print candles under the 20 SMA and the 100 SMA, while the 200 SMA provides much-needed support.

Just like that, the EUR/USD chart shows that most of the momentum indicators are also hovering near the midline, which suggests traders are confused. As for the RSI indicator, it is near the 43 level, which means the EUR sellers are still strong.

If we look at the horizontal support levels, the nearest one is the 1.0920, where the 200 SMA is also located. After that, the next ones are the 1.0885 and then the 1.0840.

Conversely, the resistance levels that the EUR/USD needs to watch are present at 1.0970 and then at 1.1000. After that, a short-term resistance can be found at 1.1015, followed by a strong one at 1.1060.

The bottom line is that the tone surrounding the EUR/USD is soft, with a higher chance of downside. The trading range is also very narrow as the EUR/USD is stuck between important SMAs. Furthermore, the markets also look for the CPI reading to readjust their USD positions.

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