Forex analytics and overview

EUR/USD extends decline to a fresh 5-month low

2023.09.25 06:00

XM Group

  • in a clear downtrend, posting a fresh 5-month bottom of 1.0614
  • The descending 50-day SMA is approaching 200-day SMA, setting the stage for a death cross
  • Momentum indicators are heavily skewed to the bearish side

EUR/USD
EURUSD has been in a steady decline after peaking at the 18-month high of 1.1275 on July 18, generating a series of lower highs and lower lows. Meanwhile, the pair dived to a fresh five-month low of 1.0614 before recovering some ground, while the short-term oscillators are pointing to more losses.

Should the bears attempt to push the price lower, the five-month low of 1.0614 could prove to be the first barrier for the pair to clear. A violation of that floor could pave the way for the March bottom of 1.0515. Piercing through that region, the pair might then slide towards the November 2022 support zone of 1.0222.

On the flipside, if the pair reverses back higher, initial advances could be rejected at the recent resistance region of 1.0765. Even higher, the June-July support of 1.0832 may serve as strong resistance in the future before the 1.0944 gets tested. Failing to halt there, the pair could then ascend towards the February peak of 1.1032.

In brief, EURUSD seems to be stuck in a steep downtrend as the bulls continue to stay on the sidelines. However, things could get even worse in the case that a death cross between the 50- and 200-day simple moving averages (SMA) is completed.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,141.29 4.21%
ethereum
Ethereum (ETH) $ 3,475.94 2.18%
tether
Tether (USDT) $ 0.999561 0.08%
xrp
XRP (XRP) $ 2.28 1.86%
bnb
BNB (BNB) $ 706.71 3.34%
solana
Solana (SOL) $ 195.89 2.29%
dogecoin
Dogecoin (DOGE) $ 0.33084 3.20%
usd-coin
USDC (USDC) $ 1.00 0.03%
staked-ether
Lido Staked Ether (STETH) $ 3,475.57 2.35%
cardano
Cardano (ADA) $ 0.912002 1.58%
tron
TRON (TRX) $ 0.256148 1.53%
avalanche-2
Avalanche (AVAX) $ 40.73 4.06%
chainlink
Chainlink (LINK) $ 24.56 2.56%
the-open-network
Toncoin (TON) $ 5.95 5.31%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,132.22 2.22%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 2.76%
sui
Sui (SUI) $ 4.48 0.49%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,890.23 4.23%
hedera-hashgraph
Hedera (HBAR) $ 0.312726 1.95%
stellar
Stellar (XLM) $ 0.384172 3.29%
polkadot
Polkadot (DOT) $ 7.42 2.09%
weth
WETH (WETH) $ 3,474.56 2.15%
hyperliquid
Hyperliquid (HYPE) $ 28.19 0.43%
bitcoin-cash
Bitcoin Cash (BCH) $ 465.43 0.45%
leo-token
LEO Token (LEO) $ 9.51 0.96%
uniswap
Uniswap (UNI) $ 13.90 0.20%
litecoin
Litecoin (LTC) $ 108.73 1.62%
bitget-token
Bitget Token (BGB) $ 5.60 14.17%
pepe
Pepe (PEPE) $ 0.000019 2.03%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,668.37 2.24%
near
NEAR Protocol (NEAR) $ 5.49 0.73%
ethena-usde
Ethena USDe (USDE) $ 0.999549 0.02%
aave
Aave (AAVE) $ 374.48 0.07%
internet-computer
Internet Computer (ICP) $ 11.29 4.83%
usds
USDS (USDS) $ 1.00 0.10%
aptos
Aptos (APT) $ 9.59 1.91%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.516441 2.56%
crypto-com-chain
Cronos (CRO) $ 0.158534 1.58%
vechain
VeChain (VET) $ 0.052204 6.03%
mantle
Mantle (MNT) $ 1.26 5.36%
ethereum-classic
Ethereum Classic (ETC) $ 27.56 1.33%
render-token
Render (RENDER) $ 7.56 1.57%
bittensor
Bittensor (TAO) $ 514.75 4.72%
monero
Monero (XMR) $ 196.35 4.93%
whitebit
WhiteBIT Coin (WBT) $ 24.89 2.10%
mantra-dao
MANTRA (OM) $ 3.77 0.33%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.36 1.10%
dai
Dai (DAI) $ 1.00 0.04%
arbitrum
Arbitrum (ARB) $ 0.800479 0.01%
filecoin
Filecoin (FIL) $ 5.34 3.02%