EUR/USD Technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
FX pair is not exhibiting a clear directional trend; instead, it has been oscillating within a wide range, indicating a state of equilibrium and indecision between buyers and sellers. This condition is confirmed by the technical indicators, as the 24-period and 100-period Simple Moving Averages are relatively flat and intertwined. The price is currently caught in a tight squeeze between these two moving averages, with the 24-period SMA offering support and the 100-period SMA acting as resistance.



Further reflecting this neutrality, the Relative Strength Index (RSI) is hovering just above the 50 midline, indicating a lack of strong, sustainable momentum. The most critical area to watch is the current price action around the 1.16870 pivot zone, which is reinforced by the 100-period SMA.

For a bullish scenario to unfold, buyers would need to achieve a decisive close above this zone, which would likely open the path for a test of the upper range resistance at 1.18110. Conversely, if sellers defend this resistance, a rejection would likely push the price back down towards the major support level at 1.1590. In summary, the EUR/USD pair remains in a neutral, range-bound state, with the immediate future direction hinging on the outcome of the battle at the 1.16870 pivot point.
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