EUR/USD holds higher ground below 1.1900, in a sign of resilience to US Treasury Secretary Steve Mnuchin’s risk-destabilizing move. Mild risk-off on Mnuchin’s recall of Fed funds fails to boost the dollar.
EUR/USD extends its consolidative mode into Asia, following a solid comeback seen in the US last session. The overnight rally in the spot prompted the bulls to regain ground above all the major hourly moving averages (HMA). Although the descending trendline resistance at 1.1881 remains a tough nut to crack for the buyers so far this Friday.
The downward turn in the hourly Relative Strength Index (RSI), currently at 58.47, suggests that the bulls are likely to face a tough time surpassing the foresaid hurdle. Acceptance above that level could see a test of the 1.1900 level.
Time Frame: 1 hour
|Support & Resistance||Level||Explanation|
|Resistance 2||1.1862||Daily R2|
|Resistance 1||1.1847||Daily R1|
|Support 1||1.1806||Daily S1|
|Support 2||1.1792||Daily S2|
|Stochastic ( 9;6;3)||Sell|
|Indicator / Period||Day – Sell||Week – Buy||Month – Buy|
|SELL||Simple Moving Average Buy (2) Sell (1) Technical Indicators – Oscillators Buy (1) Sell (2)|
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