- EUR / USD fails to gain solid momentum above 1.2100.
- The 50-day SMA near 1.2100 reinforces the support area.
- EUR / USD is trading without a clear direction above 1.2100 on Tuesday.
So far, the rises have encountered a strong hurdle at the 1.2150 area, coinciding with the 10-day moving average. A resumption of the downtrend remains likely as long as the price does not clearly break above this zone in the short term.
In that case, a break below recent lows in the 1.2100 / 1.2090 band could pave the way for further losses on the near-term horizon. So far, the 50-day SMA just below 1.2100 also reinforces this support zone.
On the broader view, the constructive stance of the EUR / USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1988.
EUR / USD day chart
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
