The EUR/USD pair is hovering around the 1.0980 level as traders take a breather following the biggest daily loss in 1.5 months. The cautious mood ahead of the US Durable Goods Orders for March, expected to improve to 0.8% versus -1.0% prior, is also limiting the pair’s latest moves.
Technical indicators suggest that the pair’s momentum faces immediate challenges from the 50-SMA and the 100-SMA, as well as an upward-sloping support line from late March, which offers strong support around 1.0955.
However, the pair’s hesitance in accepting bids, along with bearish MACD signals and a mostly steady RSI (14), is keeping sellers hopeful.
To convince Euro sellers, a clear downside break of the 1.0955 support confluence, which includes the 100-SMA and the aforementioned trend line, is necessary. On the other hand, an upside break of the 50-SMA hurdle of 1.0980 requires validation from the 1.1000 psychological level to convince Euro bulls.
If the pair manages to cross the descending resistance line from mid-April, around 1.1065, it will be crucial to keep the bulls on board. Notably, the 200-SMA level of 1.0865 could act as the last defense for the EUR/USD buyers.
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