Title: EUR/USD Price Analysis: Pokes 21-DMA hurdle around 0.9800
October 14, 2022 02:56 AM ET
EUR/USD is flirting with the 21-DMA hurdle around the 0.9800 threshold as buyers struggle to defend upside momentum amid sluggish oscillators. The RSI (14) and MACD are also questioning the recent upward movement of the major currency pair.
Therefore, the upside break of the 21-DMA hurdle at 0.9800 is not a strong signal for the bulls. However, a rise towards the downward resistance line from late June around 1.02 cannot be ruled out.
On the advances, the monthly high around the parity level and the September high of 1.0198 could serve as buffers.
Alternatively, a three-week horizontal support area at 0.9670-65 limits short-term EUR/USD declines ahead of the recent swing low at 0.9630.
In the event that the price remains bearish beyond 0.9630, the yearly low at 0.9535 could act as a last defense for buyers, the break of which could steer bears towards the September 2001 high at 0.6335.
Overall, EUR/USD remains in recovery mode, but the trend reversal is far from being achieved.