Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis

EUR/USD is trading 0.10% higher in the Asian session and appears to be moving above the 1.1600 area which is currently acting as a stiff resistance area. Other intraday resistance areas are present at 1.1618 and 1.1632. The near-term support levels are at 1.1571 and 1.1554

On the intraday charts, the pair is trading near the SMA-14 (1.1599) resistance line while the SMA-50 resistance line is way high at 1.1688. The mid-band is at 1.1603 with upper and lower bands at 1.1665 and 1.1541 respectively. The RSI is at 48 and has an upwards curve. The current intraday and 4-hourly price patterns are moderately bullish which favors buying entries around 1.1585 for small gains. The target for this trade will be 50 to 60 pips with a stop-loss at 1.1548.

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