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9 Dec 2024

EUR/USD Price Analysis: Pair rises to 1.0585 after bouncing from 20-day SMA

  • EUR/USD gains mildly on Monday, trading at 1.0585 after rebounding from the 20-day SMA.
  • Pair maintains its position above the 20-day SMA, supporting a constructive short-term outlook.
  • RSI points upward but remains below 50, while MACD prints rising green bars, signaling gradual bullish momentum.

The EUR/USD pair is showing mild gains on Monday, climbing to 1.0585 after finding support at the 20-day Simple Moving Average (SMA). This rebound reinforces the importance of the 20-day SMA as a key level, with the pair maintaining a slightly positive short-term outlook.

Technical indicators suggest improving momentum. The Relative Strength Index (RSI) is pointing upward but remains below the neutral 50 mark, indicating a cautious recovery. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator continues to print rising green bars, highlighting building bullish momentum, though a decisive breakout remains elusive.

To extend the recovery, EUR/USD needs to clear resistance at 1.0600, which would confirm further upside potential. On the downside, the 20-day SMA near 1.0550 serves as a crucial support level. A break below this could see the pair revisiting 1.0530 and, subsequently, the psychological 1.0500 level.

EUR/USD daily chart

Dec 9, 2024

GBP/USD Price Forecast: Advances amid positive sentiment, bull's eye 1.2800

The British Pound registered gains of 0.33% against the Greenback on Monday, despite the lack of a catalyst aside from an improvement in risk appetite.
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Dec 9, 2024

Oil: Geopolitical risks in the MidEast are the highest since the Gulf War – TDS

China is more relevant to crude oil prices than the fall of Bashar Al-Assad's regime, TDS’ Senior Commodity Strategist Daniel Ghali notes.
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