EUR/USD Seems to Have Found a Floor Above 1.1000
2024.09.11 06:18
- EUR/USD is higher again today
- Momentum indicators confirm an upside recovery
found some grounding around the 1.1015 support level before returning to the upside. The price failed to penetrate the 1.1000 psychological level, where any rally higher may prove valuable to the market. The red Tenkan-sen, however, remains flat above the blue Kijun-sen, and the RSI is currently flirting with the 50 level. Moreover, the stochastic oscillator is trying to tick up in the oversold territory, indicating the end of the bearish correction.
The pair could improve above the 20-day simple moving average (SMA) of 1.1085 to challenge a strong resistance around 1.1150. The 1.1200 area, however, which strictly capped bullish action last month, remains the big highlight.
A pullback may meet immediate support around the 1.1015 barrier, while the bears could try to overcome the 50-day SMA currently near 1.0965 and the 1.0950 level, slightly lower. Should the price retreat under these areas too, the 1.0870 bar and the 200-day SMA at 1.0860 could come under speculation.
In brief, EUR/USD is facing upside pressure above 1.1000, with buyers waiting for a decisive close above 1.1200 to restore optimism over an up-trending market in the medium-term timeframe.
