EURUSD Price Evaluation: Spreads its decline over 1.0550 with oversold Relative Strength Index. An oversold RSI position suggests that additional containment is likely.

EURUSD Key Points to Watch

The euro versus the dollar is losing momentum over the mid-1.0500 zone. While remains under the 50- & 100-hour Exponential MAs

The depressed RSI position suggests that additional holding is possible.

The nearest barrier will be 1.0600, with 1.0540 serving as a critical support point.

During the initial European morning on Wed. The EURUSD unit was facing selling stress for the sixth straight day. The duo falls to its lowest value as of March 16, Primarily a result of the Fed’s aggressive posture with an indication that (ECB) may refrain any future rate rises. The main pairing is now trading at 1.0563, down 0.09 percent on the past few hours.

The 4-hour graph Analysis, EURUSD

Based to the 4-hour graph, EURUSD is trading under the 50- & 100-hour EMAs with a negative gradient. Showing that the duo’s trajectory of least resistance is towards the lower end of the range. The (RSI) remains bearishly beneath 50. Yet, the oversold posture suggests that additional recovery can’t be thrown out prior preparing for any EURUSD drop in the short term.

However, the next hurdle for the pair will be at a psychological messed point of 1.0600. The extra uptrend criterion is at 1.0640. A 1.0675-1.0685 zone is the junction of the highest point of the Bollinger Band which the 100-hour EMA as well as is the crucial hurdle to observe.

To the negative side, the bottom edge of the Bollinger Band around 1.0540. That serves as an important support key that supports the EURUSD. Moving southward, the main pairing comes to a halt at 1.0515 (March 15 bottom). Further dumping under the latter level will reveal a subsequent downward trigger at 1.0460 (a sixth of December 2022 bottom).

The current market trend indicates that the value of the EUR is projected to decline to 1.0515 in the days to come. The EUR is still under pressure if it goes below 1.0650 (the’strong hurdle’ line stood at 1.0665 on Tuesday)

Summary