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EUR/USD continues to fluctuate in negative territory above 1.0500 as the risk-averse market environment helps the dollar stay resilient against its rivals. The data from the US showed that Housing Starts contracted by 0.2% in April but investors showed no reaction to this figure.
The daily chart for the EUR/USD pair suggests that the corrective recovery could be complete. The pair is retreating from a firmly bearish 20 SMA, while technical indicators have lost their bullish strength. The Momentum is currently hovering around its midline, while the RSI has already resumed its decline and now hovers around 42.
In the near term and according to the 4-hour chart, the risk remains skewed to the upside. The pair trades around 1.0520, just below a bearish 100 SMA, but still holding above a bullish 20 SMA. Technical indicators, in the meantime, have resumed their advances within positive levels after correcting overbought conditions. Further gains are likely on a break above 1.0575, the immediate resistance level.
Support levels: 1.0510 1.0470 1.0430
Resistance levels: 1.0575 1.0620 1.0660
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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