EURUSD reclaims 1.1600, but can bulls extend gains?
EURUSD recovery builds slowly as traders eye key SMA breakout though with momentum weak failure risks renewed downside pressure toward multi-month lows.
XM Group
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109 days ago
Overview: EURUSD opened with a bullish gap, reclaiming 1.1600, yet caution remains warranted as the pair trades below a dense SMA cluster and the uptrend line, keeping the near-term bias neutral despite the rebound from last week’s 1.1575 low.
Momentum: Momentum is still subdued, with the RSI and MACD in negative territory, though the RSI is edging higher, suggesting early signs of stabilization.
Bullish scenario: A decisive break above the 20-day SMA just below 1.1700 (around 1.1685), could pave the way for a retest of monthly highs near 1.1787, and potentially the April 17 peak at 1.1845.
Risk: A break below 1.1600 may reinforce the neutral outlook in the near term, while a breach of 1.1575 could trigger renewed downside pressure.
XM Group
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