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Forex » EUR/USD pair is targeting the 55-day moving average SMA

The EUR/USD pair is targeting the 55-day SMA.

  • EUR/USD recovers initial decline and retraces 1.0700 and above.
  • Directly up is now the 55-day SMA at 1.0774.

The EUR/USD pair partially recovers the positions lost on Wednesday in forex, and it manages to restore the zone above the 1.0700 figure on Thursday.

Given the current price action of the EUR/USD pair, a continuation of the rebound seems likely, at least in the very short term. However, the next upside barrier is now appearing at the 55-day SMA, today at 1.0774 ahead of the 3-month resistance line around 1.0820.

A break of this zone should ease selling pressure and allow for a likely move towards a weekly high at 1.0936 (April 21).

The RSI near 55 also indicates that further forex growth may still be in store for the EUR/USD pair until it hits the overbought zone (> 70).

EUR/USD daily chart

Pablo Piovano, FXStreet

Pablo Piovano, an economist and European editor, joined FXStreet in 2011 after working and managing asset allocation and investment research teams at a number of South American financial institutions.

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The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risk, so you should do your own research when making a decision.

Disclaimer: The information and opinions contained in this report are for general information only and do not constitute an offer or solicitation to buy or sell foreign exchange contracts or CFDs. Although the information contained herein has been obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness and shall not be liable for any direct, indirect or consequential damages that may result from anyone relying on such information.

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