- Yesterday’s recovery kept the EUR/USD pair above the 100-hour moving average.
- As a result, the pair continues to trade within the normal trading area for the RSI on the 14-hour frame.
- In the near term, according to the performance on the hourly chart, it seems that the EUR/USD currency pair has recently completed an upward breakthrough from the formation of the descending channel.
- The MACD indicator also seems to lack bearish momentum as it nears the bullish cross.
Therefore, the bulls will target extended rebound profits at around 1.0753 or higher at the 1.0777 resistance. On the other hand, the bearish speculators will look to pounce on pullbacks around 1.0710 or lower at the 1.0680 support.
In the long term and according to the performance on the daily chart, it seems that the EUR/USD currency pair is trading within a downward channel. However, the daily MACD appears to be about to initiate a bullish crossover, indicating a possible pullback. Therefore, the bulls will target long-term profits at around 1.0841 or higher at the 1.0935 resistance. On the other hand, the bearish speculators will look to take profits at around 1.0643 or below at the 1.0547 support.