EUR/USD testing both 21 day SMA and 55 day EMA supports
MarketsFN Team
The rate today is trading near two relevant dynamic supports: the 21 day simple moving average and the 55 day exponential moving average. The relevance of these technical levels is justified by the large number of automated and signals trading systems that triggers buy and sell orders in proximity of both failed and successful supports/resistances/crossovers of moving averages.
EUR/USD is trading at the moment at 1.0889, up by 0.23%. The pair lost for two consecutive sessions has failed to make a new 2023 highs this month. If will not manage to make higher lows and higher highs from its may lows cannot be excluded a trading range movement for the rate. The trading range would have 1.1087 as a higher side and 1.0489 as a lower side.
The RSI indicator does not offer any possible reversal indication as it is navigating in area 62.
