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16 Sep 2022

EUR/USD Price Analysis: Justifies 21-DMA breakout around 1.0000

  • EUR/USD grinds higher past 21-DMA after printing two-day uptrend in the last.
  • Horizontal area comprising multiple levels since mid-July also restricts short-term downside.
  • Bulls have a bumpy road to travel before taking control.

EUR/USD picks up bids to refresh intraday high near the 1.0000 parity level during Friday’s Asian session.

In doing so, the major currency pair benefits from the previous day’s upside break of the 21-DMA break amid the bullish MACD signals and the steady RSI.

With this, the quote is likely to extend the latest rebound towards the 50% and 61.8% Fibonacci retracements of the pair’s August-September downside, respectively around 1.0120 and 1.0175.

Following that, the recent swing high near 1.0200 could act as the last defense for the EUR/USD bears.

Meanwhile, a downside break of the 21-DMA level surrounding 0.9985 isn’t an open invitation to the EUR/USD sellers as a two-month-old horizontal support region near 0.9945-55 appears a tough nut to crack.

Should the prices decline below 0.9945, the odds of witnessing the fresh yearly low, currently around 0.9860, can’t be ruled out.

In that case, the late 2002 bottom surrounding 0.9860 will gain the market’s attention.

To sum up, EUR/USD is up for short-term recovery but the bearish trend is likely to prevail.

EUR/USD: Daily chart

Trend: Limited upside expected

 

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The AUD/NZD pair is displaying a lackluster performance in the Tokyo session despite the testimony of Reserve Bank of Australia (RBA) Governor Philip
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