EUR/USD near-term Outlook is Bullish with 1.10510 Resistance
EUR/USD Technical Analysis
The daily chart outlook of the EUR/USD currency pair shows somewhat bullish sentiment. The prices are struggling to move past the initial resistance at 1.10510. A break above this level would strengthen the near-term outlook for EUR/USD.
On the downside, the initial support is provided by the black trend line. Below this, the 20-Period Simple Moving Average (SMA) is an important level to watch. Any break below 1.1000 could give some hope to bears in EUR/USD market. From here, the prices will face the next support at 1.0950.
Meanwhile, the technical indicator MACD histograms are appearing above the zero line, suggesting the market is still bullish. The Williams Percentage R is heading towards the -20 level, giving an indication that prices might open an opportunity for a short position in the near term. Given the outlook, it would be wise to keep observing the market before the Fed Interest Rate decision.
If the prices manage to close above the 1.10510 level, then traders can open a long position. However, if the price keeps failing to move past this level, then breaking below the trendline will open an opportunity for the short position in EUR/USD.
Daily Technical Levels
Pivot Point: 1.09823