EUR/USD has dropped for almost the entire period in 2022. The pair hit the multi-year low of 1.0052 on July 14 and entered a small correction phase. The price consolidated in a narrow range, and yesterday it finally managed to close above the consolidation phase. Currently, the pair is trading near 1.0335 with short-term resistance levels around 1.0378 and 1.0457. The short-term support levels are at 1.0211 and 1.0123.
On a long-term basis, the EUR/USD technical outlook remains bearish, while in the short-term, the slight uptick also does not seem to translate into a more significant bullish momentum.
EUR/USD Daily Technical Snapshot – Short Term
On the Stochastic and Bollinger Bands the EUR/USD is overbought. The ATR (Average True Range) indicates high upcoming volatility. The RSI (Relative Strength Index) remains near the neutral zone, while the current price at the time of writing is above the 14 and 21-period Simple Moving Averages.
|
|
Stochastic |
Bollinger Bands |
ATR |
MACD |
RSI |
|
EUR/USD |
Overbought (87) |
Overbought (1.0330) |
0.0090 (Volatility up) |
Above Zero |
59 |
EUR/USD Trade Information – August 11
Based on the current technical outlook, the EUR/USD is bearish and presents a short-term selling opportunity at the following levels.
Direction: Sell
Entry Level: 1.0319
Stop-Loss: 1.0409
Take Profit: 1.0132
EUR/USD Upcoming Levels To Watch
The 1.0378 is the key resistance zone, and an intraday closing above this level may prompt further bullish momentum in the coming days. On the downside, an intraday closing below 1.0300 will likely push EUR/USD again down towards 1.02000.
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