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9 Mar 2023

EUR/USD Price Analysis: 100-DMA, Doji candlestick prod bears around mid-1.0500s

  • EUR/USD struggles for clear directions after challenging the bears at two-month low.
  • Trend reversal suggesting candlestick, rebound from 100-DMA join sluggish oscillators to lure buyers.
  • Previous support line from the last December challenges Euro buyers.

EUR/USD treads water around 1.0550, despite fading the previous day’s bounce off the lowest level since January 2023, as mixed technical details challenge traders during early Thursday’s sluggish trading session.

The Euro pair dropped to a fresh two-month low on Wednesday before bouncing off 1.0524. However, the quote ended the day’s trading with minor changes from the opening levels and hence portrayed a Doji candlestick that suggests a corrective bounce in the EUR/USD price.

It should be noted that the Doji’s existence at a whisker beyond 100-DMA also keeps the EUR/USD buyers hopeful, especially amid the sluggish MACD and RSI signals.

In a case where the Euro pair breaks the immediate 100-DMA support of around 1.0525, bears may have a bumpy road ahead due to the lows marked in January and early December 2022, respectively near 1.0480 and 1.0440. Also acting as a downside filter is the 200-DMA support of 1.0325.

On the flip side, a daily closing beyond the previous support line from December 07, 2022, near 1.0570 by the press time, becomes necessary for the EUR/USD buyer’s conviction.

Even so, the weekly high of around 1.0700 and the mid-February peak surrounding 1.0800 can act as extra filters towards the north.

Overall, EUR/USD is likely to remain bearish even if a corrective bounce is expected for the short term.

EUR/USD: Daily chart

Trend: Limited recovery expected

 

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