EURUSD Pricing Evaluation: gyrates over the 1.0550 key mark, MACD implies a change in strength. The key level of 1.0500 might provide as protection.

EURUSD Key Analytical Points

Because of the US Dollar’s rebound, the EURUSD is trading down towards 1.0550.

MACD signifies an alteration in traction and the possibility of an upward trend.

Following the preceding week’s bottom of 1.0448, the significant mark of 1.0500 might operate solid support.

EURUSD Technical Analysis

EURUSD  -0.000620 Net Change (-0.06%)

The EURUSD increased throughout the US afternoon but remained under the closing on Friday. The dollar’s weakening was insufficient to send the pair’s value beyond 1.0600 mark. While the Euro failed, ranking last amongst G10 peers on yesterday

During the Asian period on Tuesday, the EURUSD traded weaker at 1.0560 mark.  Lined with an immediate support area near 1.0550 psychological point. Nevertheless, the duo got upside assistance as the U.S. dollar kept declining.

A significant breach beneath this point might add to the duo’s stress to traverse the region surrounding the key level at 1.0500. That is followed by the subsequent level at 1.0450, which is linked back to the past week’s bottom at 1.0448 level.

As highlighted Monday that there doesn’t seem to be much clear lateral prejudice. As well as predicted that EUR would fluctuate in an area within 1.0500 to 1.0600. Although the EUR fluctuated in a tighter band than projected (1.0518/1.0574). our projection was correct. The trend upward is beginning to develop. presently the EUR is anticipated to move higher. Given the low level of bullish tension, any increase is not likely to achieve the key obstacle at 1.0630.  Yet another barrier exists at 1.0600. To keep the trend going, Euro must hold over 1.0530 level. (modest support is around 1.0550 area).

Key Resistance & Support Levels

R3 = 1.0663 R2 = 1.0625 R1 = 1.0596 PP = 1.0558 S1 = 1.0529 S2 = 1.0491 S3 = 1.0462

Mr. Villeroy, ECB: Additional rate rises are not appropriate at this point in time.

Francois Villeroy de Galhau, President of the Bank of France and an affiliate of the ECB’s Managing Council, stated on Tuesday stated “at this juncture, additional increases in rates are not the proper move to be doing.”

Current FX Trading Rates