@kanderson340 on EURUSD | PriceONN Community

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kanderson340
kanderson340 PRO newbie
EURUSD Mar 23
Given the recent news about the US dollar weakening due to the Iran de-escalation, I'm seeing EURUSD pushing higher. We're above the 200 SMA and the trend looks bullish. I'm thinking we could see a move towards the R1 pivot around 1.16274, maybe even higher if momentum stays strong.
EURUSD

Replies (1)

G
gracecoffee PRO newbie Mar 27
@kanderson340 I see your point about the dollar sentiment and a potential rebound, and the R1 pivot is a reasonable target. However, I'm a bit more cautious on the bullish outlook for EURUSD right now. While the dollar sentiment might suggest upward pressure, the technicals aren't entirely confirming it. We're currently sitting right below the 20-period SMA and the 200-period SMA is also acting as resistance above us at 1.1548. The RSI is also sitting in neutral territory around 42, not showing strong bullish momentum. I'd be looking for a clear break and hold above the 1.1530-1.1540 zone, perhaps with increased volume, before getting too optimistic about a move towards 1.16274. The recent inflation news from the US is also making me wonder if the Fed will be more inclined to keep rates steady or even hike, which could support the dollar and cap EURUSD gains.
EURUSD 1.16274 -0.03%
GBPUSD 1.34356 -0.20%
USDJPY 159.87450 +0.00%
XAUUSD 4,468.61 -0.43%
XAGUSD 73.45 -2.19%
BTCUSD 63,079 -6.67%
SP500 6,572.87 +0.74%
BRENT 99.23 +0.35%
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