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Writer's pictureVavio
Aug 29, 20221 min read

EUR/USD Analysis

EUR/USD short-term technical outlook

The EUR/USD pair is trading slightly above our recent lows, partially losing its bearish strength, according to the daily chart. The pair is little changed for a fourth consecutive day and below all of its moving averages, which maintain firm downward slopes. Technical indicators remain within negative levels but slowly turning higher, reflecting the ongoing recovery rather than suggesting more gains ahead.

The 4-hour chart shows an increasing bullish momentum as technical indicators turned higher, crossing their midlines into positive territory. At the same time, the pair has broken above a flat 20 SMA with a long candle that reflects buyers’ strength. The longer moving averages, however, remain well above the current level, with the 100 SMA crossing below the 200 SMA.

Support levels: 0.9985 0.9940 0.9895

Resistance levels: 1.0030 1.0080 1.0120



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