EUR/USD Analysis
EUR/USD Analysis
EUR/USD was above the 50-day EMA but remained below the 200-day moving average, giving a bullish price signal in the short term but a bearish signal in the long term. A return of EUR/USD to $1.07 would support a move towards the 200-day EMA and resistance at $1.07838. The better-than-expected private sector PMI is likely to increase buyers' interest in the euro. However, for the market to take a decisive step forward, it may be necessary for the Middle East conflict to subside. The escalation of the Middle East conflict and the collapse of eurozone PMIs will test buyer demand. If EUR/USD falls below the 50-day EMA, the $1.06342 support level will be applied. The 14-period daily RSI of 57.46 suggests that EUR/USD is moving towards the 200-day EMA before entering overbought territory.