October 8, 2019, | AtoZ Markets – The significant 1.10 level capped EURUSD three times in the past few days. Viewing the graphs, the upside momentum on the 4H chart has decreased, and the currency pair is struggling with the 100 SMA. The Relative Strength Index (RSI) is stable for the EURUSD pair till now. As per technical charts, the technical overview is mixed after several days of range trading.
Above 1.10, the next resistance line to watch is 1.1025, which capped the pair in late September. Next up, 1.1075 held the pair down earlier that month.
EURUSD Fundamental outlook
The indecision in EURUSD pair might also show mixed results from US-Sino trade talks. The Chinese government agreed to move forward and tackle deals with the US on both sides can agree but wanted to push critical topics for the next year.
Moreover, the chances of success seem to have fallen after the US blacklisted 28 Chinese firms that are involved in human rights violations in the western Chinese province of Xinjiang.
Most of the Chinese companies are highly dependent on American technology. For example, the processors produced by Intel, software, etc. While not directly related to trading talks, every aspect of US-Sino relations may be up for grabs, including the situation in Hong Kong.
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