OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/USD Price Analysis: Closing on 1.10 support, bulls need a close above Tuesday's high

  • EUR/USD is struggling to post a bullish follow-through to Tuesday's hammer candle. 
  • A move above Tuesday's high is needed to revive the immediate bullish case. 

EUR/USD is closing on the psychological support of 1.10, having faced rejection near 1.1040 in early Asia. 

The pair created a long-tailed hammer candle on Tuesday, indicating seller exhaustion or dip demand near 1.0930. So far, however, the bullish follow-through has remained elusive. The pair is currently reporting a 0.15% loss on the day. 

A move above Tuesday's high of 1.1053 would validate or confirm the seller exhaustion signaled by Tuesday's candle and shift risk in favor of a break above the March 27 high of 1.1148. 

The outlook will remain neutral as long as the pair is trading within Tuesday's range of 1.0927-1.1053. Acceptance under 1.0927 would imply a continuation of the pullback from the recent high of 1.1148 and open the doors to support at 1.0778 (Feb. 20 low). 

Daily chart

Trend: Neutral

Technical levels

 

Japan Govt Spokesman: We are not yet in a situation to call a state of emergency

A spokesman of the Japanese Cabinet Office said on Wednesday, “we are not yet in a situation to call a state of emergency.” Our priority is to get cor
Read more Previous

China’s State Council extends subsidies and tax breaks for new-energy vehicle purchases

Late Tuesday, China’s State Council (Cabinet) announced the extensions of the subsidies and tax breaks for new-energy vehicle purchases. The Council e
Read more Next
Start livechat