EUR/USD Price Forecast: 200-day SMA caps Euro as Dollar firms
The shared currency edges lower, capped by the 200-day Simple Moving Average (SMA) at 1.1633, amid rising geopolitical tensions and escalating hostilities between the US and Iran, prompting investors to buy the US Dollar. At the time of writing, the EUR/USD trades at 1.1590, down 0.25%.
EUR/USD Price Forecast: Technical Outlook
The EUR/USD retreats below the 200-day SMA towards the 100-day SMA at 1.1569, the first support area. The Relative Strength Index (RSI) I above 50, bullish but aims lower, a signal that sellers are gaining strength.
For a bearish continuation, the EUR/USD must clear the 100-day SMA. This will expose the August 13 swing low of 1.1511, followed by the 50-day SMA at 1.1494. Below, the next support is the 1.1400 psychological level, before the trend resumes lower highs and lower lows.
Buyers must push the pair above the 200-day SMA, ahead of the 1.1700 psychological level. A decisive breakout will expose the May 6 high at 1.1796.
EUR/USD Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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