- EUR/USD was seen hovering near the 1.0800 area after announcing mild losses on Wednesday.
- Despite the softness of the daytime, the broader trend remains bullish and supported by an average of upward movement.
- MACD indicates sales signal, support is 1.0770 and resistance is 1.0820 or later.
The EUR/USD is trading at a slight weakness in Wednesday's session after Europe's closure, hovering around the 1.0800 zone. The pair remained within daily range, reflecting a limited-directional conviction, but above the important moving average that keeps the broader bullish trends intact.
From a technical standpoint, the pair is supported by a 20-day simple moving average at 1.0773 and a 100-day and 200-day SMA at 1.0520 and 1.0729, respectively. The 30-day EMA and SMA also strengthened the bullish structure, and the pair consistently traded these dynamic support.
However, some mixed signals arise from the oscillator. The relative strength index (RSI) is located at 57, reflecting neutral momentum, while the average directional index is printed at 29, suggesting moderate trend intensity. Despite remaining on the signal lines, the moving average convergence divergence (MACD) was lower and a soft sales signal was issued. Meanwhile, the combination of RSI/stochastic indicators confirms a neutral stance.
Looking at the levels, initial support is 1.0773, followed by 1.0765. The advantage is that resistance is around 1.0820 and later near 1.0853, and the Bulls may encounter additional challenges. The pair can continue to integrate within this range until a clear breakout is achieved.
