EUR/USD Edges higher on dovish stance by Fed Chairman Jerome Powell

EUR/USD Chart Analysis – The EUR/USD chart shows the pair climbing higher towards the key resistance level at 1.0610 and trading just above the Pivot at 1.0479. The two SMA and 50-Day SMA are lagging the current prices and moving higher chasing the upward breakthrough. The 200-day SMA has also dropped below the current prices for the first time, showing a bullish market diversion. The MACD indicator shows the pair is currently in overbought territory. The Blue MACD line has moved higher and above the signal line.

EUR/USD Chart Direction Bias – 1 Week

Trade Insights - EUR/USD

The chart shows possible long positions above the major pivot level at 1.0479 with the first target of the key resistance level at 1.0610 and if Euro breaks through to further upside above the resistance level, then further long positions to test the Resistance zone between 1.0772 to 1.0828.

Alternatively, EUR/USD – Chart shows viable short positions below the major pivot level at 1.0479 to first test the key support level at 1.0358. If Euro drops below the key support, then further short positions to test the support zone between 1.0259 to 1.0614.