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EUR/USD trade outlook turns neutral as traders watch 55 D EMA level
A sustained break of the 55-day EMA at 1.1557 would suggest the corrective rebound from 1.1323 has ended, opening the door to a retest of 1.1323.
Action Forex said the intraday outlook for EUR/USD is neutral, with direction likely hinging on key moving-average and price levels.
On the downside, the firm noted that a sustained break of the 55-day EMA, currently at 1.1557, would be consistent with the idea that the rebound from 1.1323 has completed as a three-wave corrective move, which could lead to a deeper fall to retest 1.1323.
On the upside, Action Forex said staying above 1.1659 would keep the near-term rally intact and would first put focus on a retest of 1.1710.
In the bigger picture, it pointed to the 38.2% retracement of 1.0176 to 1.2081 at 1.1353, saying a sustained break below 1.1353 would raise the odds of a medium-term trend reversal.
Latest closeEUR/USD 1.122 ▼0.3%