EURUSD is having difficulty establishing a bullish move above 1.0900 as price has been rejected on several attempts. The latest PMI readings from the eurozone didn’t help matters with a mixed report on the state of economic activities around the bloc. With sentiments of a slow pace Federal Reserve rate hike already weighing the US dollar, the price could still make it over the current psychological price level.
Current Scenario
Price is reacting to the current Resistance level at 1.0900 which could see selling activity towards the intraday support level around 1.0800. Should the near-term support fail to incite a bullish recovery then attention will be on the major level around 1.0750.
Bullish Scenario:
A convincing breakout from 1.0900 could open the door to 1.1000
Bearish Scenario:
A decline below 1.0740 could incite bearish activity but price will still need to contend with an ascending trendline running from September 2022.
Current Scenario
Price is reacting to the current Resistance level at 1.0900 which could see selling activity towards the intraday support level around 1.0800. Should the near-term support fail to incite a bullish recovery then attention will be on the major level around 1.0750.
Bullish Scenario:
A convincing breakout from 1.0900 could open the door to 1.1000
Bearish Scenario:
A decline below 1.0740 could incite bearish activity but price will still need to contend with an ascending trendline running from September 2022.