23.03.2023 07:40 PM
EUR/USD reaches upper median line as expected

EUR/USD climbed as much as 1.0929 today where it has found resistance again. Now, it is trading lower at 1.0895 at the time of writing. The bias remains bullish despite temporary retreats. Still, in the short term, the price action signaled exhausted buyers and an overbought situation.

Fundamentally, the US data came in mixed today. The Unemployment Claims came in at 191K versus 198K expected and compared to 192K in the previous reporting period, while New Home Sales was reported lower at 640K versus 650K forecasts. On the other hand, the Eurozone Consumer Confidence came in at -19 points below -18 points expected.

Tomorrow, the Eurozone and US manufacturing and services data should bring high action and sharp movements again.

EUR/USD Buyers Seem Exhausted!

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EUR/USD failed to stay above the upper median line (uml) in the last attempts signaling exhausted buyers. It has dropped a little but it continues to stay near the upper median line (uml) and around the weekly R2 (1.0890).

1.0912 stands as an upside obstacle, while 1.0866 former low represents immediate support.

EUR/USD Outlook!

A new lower low, a bearish closure below 1.0866 activates a corrective phase and brings a short opportunity.

A valid breakout through 1.0912 and above the upper median line (uml) activates further growth. This is seen as a bullish signal.

Ralph Shedler,
Analytical expert of InstaForex
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