The EURUSD retracing higher, but the Bearish momentum is still on the market. After rejected from 1.08 area, EURUSD is currently retracing above 1.083 area. Let’s check EURUSD Technical Analysis for more levels and insights.
February 25, 2020, | AtoZMarkets – EURUSD has been quite volatile and corrective after it rejects 1.08 key area. Bulls are trying to push the price higher but struggling. If Bulls can push the higher towards 1.092 area, Bearish momentum may continue further. Currently, EURSD pushing lower but Bulls may take over the market soon.
On the other hand, USD CB Consumer Confidence coming up at 9:00 pm today. If actual comes higher than forecast, USD may able to hold the Bearish momentum. Additionally, German GDP showed no growth in the fourth quarter and an overall growth rate of 0.6% for this year. This data didn’t impact on the exchange rate.
The global market is in uncertainty after Coronavirus arrives on Europe’s doorstep. It has overdraw investors attention to the most severe global risk. The impact of Coronavirus is rapidly increasing in the financial market. Additionally, the Euro is losing momentum against the U.S. Dollar as investors are trying to evaluate the total damage of the virus that could hamper the European economy.
EURUSD Retracing Higher may Push the Price Towards 1.09
According to the 1-hour chart, the price is currently pushing lower may reach towards 1.0820 for support. If EURUSD able to drive the price down towards the support area, upcoming Bullish pressure may occur.
image: EURUSD 1 Hour Chart
Currently, the price is residing near 1.083 area as Bears are trying to push the price down. EURUSD has become corrective and non-volatile but trying to push the price higher. If the price rejects the uprising Bullish trend line, EURUSD Bullish run may continue further. The dynamic level of 20 EMA is currently residing above the price. Moreover, EURUSD has broken down the dynamic level of 20 EMA, along with the Kijun line and the Tenkan line.
EURUSD Struggling to Push Higher
According to the daily chart, Bulls trying to push the price higher but failed to sustain. EURUSD retracing higher, but inevitable volatility may be seen. If EURUSD retracing higher 1.09 area the Bearish momentum may continue further. The dynamic level of 20 EMA is residing above the price, along with the Kijun line but the Tenken line is residing near the price, which indicates nothing but uncertainty. As per the dynamic level, 20 EMA’s Mean Reversion price should pull higher towards 1.09 as expected.
image: EURUSD Daily Chart
Moreover, the MACD line is residing below 0.00 level but certain Bullish crossover in the making. And the Bearish histogram volumes are also slopping above, which is an indication of Bullish volumes may be seen.
To conclude, EURUSD may push higher, but certain volatility can be seen. If EURUSD able to reach higher towards 1.09 area Bearish momentum may continue further.