- EUR/USD rises again and surpasses the 1.0700 level.
- Additional gains should reach the weekly high near 1.0770.
He EUR/USD It leaves Tuesday’s pullback behind and recovers the area above 1.0700, the figure during Wednesday’s pre-FOMC trading.
If the bounce gains further strength, the pair should face a small hurdle at the weekly high of 1.0767 (September 12) before the critical 200-day SMA at 1.0828.
Despite the two-day bounce, the pair’s underlying bearish sentiment remains unchanged and leaves the door open for additional pullbacks on the near-term horizon. Against this backdrop, further losses could put the September low at 1.0631 (September 14) back ahead of the March low at 1.0516 (March 15).
As long as it is below the 200-day SMA, the pair is likely to face further weakness.
EUR/USD Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
