Still well-supported above its 200-day simple moving average (SMA) at 1.0816, the near-term outlook for the pair appears constructive.
The YTD high at 1.1572 (April 21) marks immediate resistance, followed by the 1.1600 milestone, and the October 2021 top comes at 1.1692 (October 28).
On the downside, temporary support emerges at the 55-day SMA at 1.1183, then the May low at 1.1064 (May 12), while further south appears the psychological 1.1000 level. A break below the latter would activate a potential move to the crucial 200-day SMA.
Momentum indices provide a mixed picture. Though the Average Directional Index (ADX) at 19 indicates the trend may be losing some steam, the Relative Strength Index (RSI) around 56 indicates a developing bullish momentum
The YTD high at 1.1572 (April 21) marks immediate resistance, followed by the 1.1600 milestone, and the October 2021 top comes at 1.1692 (October 28).
On the downside, temporary support emerges at the 55-day SMA at 1.1183, then the May low at 1.1064 (May 12), while further south appears the psychological 1.1000 level. A break below the latter would activate a potential move to the crucial 200-day SMA.
Momentum indices provide a mixed picture. Though the Average Directional Index (ADX) at 19 indicates the trend may be losing some steam, the Relative Strength Index (RSI) around 56 indicates a developing bullish momentum
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.