EUR/USD Holds Defensive Ground Below 1.0600
EUR/USD remains on the defensive below the 1.0600 level in Wednesday's Asian trading. The pair weakens amid a cautious risk tone, while the US Dollar stands firm ahead of the Fed's interest rate decision and crucial US employment data. On the daily chart of EUR/USD, the price once again oscillates near the 55-day Simple Moving Average (SMA). The pair attempts to hold above the 20-day SMA upon closing. Technical indicators on the daily chart reflect conflicting signals, with the price caught between the 20-day SMA and the 55-day SMA.
On the 4-hour chart, the decline of EUR/USD finds support around the short-term uptrend line and is currently trading around the 20-period SMA. Technical indicators provide a mixed picture. A rebound above 1.0600 would strengthen the outlook for the Euro, with the next resistance level at 1.0630. Conversely, consolidation below 1.0560 would indicate vulnerability ahead.
On the 4-hour chart, the decline of EUR/USD finds support around the short-term uptrend line and is currently trading around the 20-period SMA. Technical indicators provide a mixed picture. A rebound above 1.0600 would strengthen the outlook for the Euro, with the next resistance level at 1.0630. Conversely, consolidation below 1.0560 would indicate vulnerability ahead.
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