EUR/USD Analysis – The EUR/USD pair went back and forth during the course of the session on Thursday, as we continue to bounce around the 1.10 level. This is an area that has been very supportive recently, and of course the bottom of the overall consolidation area. I do think that eventually we break down though, so move below the bottom of the range for the Thursday session has me selling this pair. Any rally at this point in time should be a selling opportunity given enough time and signs of exhaustion. With this, I have no interest in buying.
The EUR/USD attempting to move higher on Thursday but was unable to recapture the 10-day moving average which is seen as resistance near 1.1051. The ECB kept interest rates unchanged which was largely expected. The ECB’s easing door remains open following this morning’s press conference, while Stateside, odds for a Fed rate hike at some point this year continue to help the yield differential benefit the greenback.Support is seen near an upward sloping trend line at 1.0920. Momentum is flat with the MACD (moving average convergence divergence) index printing near the zero index level, which generally reflects consolidation. The relative strength index (RSI) continues to consolidate near the 40 level which his on the lower end of the neutral range and reflects consolidation in a downtrend.
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