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In EUR/USD Price Analysis, around 1.0450, an oversold RSI tests the bears

Alina Haynes

Jun 30, 2022 16:06

 截屏2022-06-30 上午11.16.05.png

 

During the lethargic Asian session on Thursday, the EUR/USD hovers at a two-week low as oversold RSI conditions threaten more losses. Therefore, the principal currency pair will trade between 1.0450 and 0.40 at the absolute latest.

 

Even if the price resists the oversold RSI and continues to decline, the upward-sloping trend lines from May 13 at 1.0420 and 1.0400 will prevent additional losses.

 

Notably, the 1.0380 level and the yearly low at 1.0350 are further barriers to the south that might challenge EUR/USD bears.

 

Alternately, a six-week-old horizontal zone between 1.0460 and 1.0470 safeguards the price's immediate rebound.

 

The EUR/USD bulls will then be challenged by a downward-sloping resistance line at 1.0500 beginning on June 28.

 

If the pair rises above 1.0500, a confluence of the 50-SMA and 100-SMA around 1.0535 will precede the 200-SMA and weekly top near 1.0600 and 1.0615, allowing sellers to take their final positions.


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