Despite Dismal EU Data, EURUSD Retains Its Positive Bias Past 1.0900 Level With Limited Upside Traction

Despite Dismal EU Data, EURUSD Retains Its Positive Bias Past 1.0900 Level With Limited Upside Traction

EURUSD Price Analysis – May 4

At the weekly start, the EURUSD pair pulled back lower, as the market jump-started in the risk-off mood on Monday. After the Asian session, the pair’s slump was apparent, though the pair gained little support near 1.0930 level amid London trading hours, while bottoming at 1.0922 level. European data was balanced, but dismal as market sentiment stays poor.

Key Levels
Resistance Levels: 1.1495, 1.1146, 1.0990
Support Levels: 1.0860, 1.0768, 1.0635

EURUSD Long term Trend: Ranging

On Friday, EURUSD’s proper rebound attempted to momentarily exceed the key 1.10 hurdle, having lost some traction shortly thereafter. A breach of this initial area of resistance in the mid-1.1100s may pave the way to a likely return to the highs of late March.

On the contrary, a breach of 1.0900 level may shift bias back to the downside for support level 1.0812 and then low level 1.0635. In much the same instance, only when the 1.1055 range is removed in a balanced way the downside risk is likely to further reduce.

EURUSD Short term Trend: Ranging

The EURUSD pair’s 4-hour chart shows that it leaped upward from around a bullish moving average of 5 and 13, which has also crossed downward. The 5 and 13 moving average converges on its confluence zone at about 1.0860 level, offering variable support.

Meanwhile, technical indicators continue within positive levels but have lost their directional force. As a whole, the downside appears restricted as long as the pair is above the specified level of 1.0860. Intraday bias in EURUSD is rendered neutral, with RSI sitting around the 50 signal line over 4 hours.

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