EURUSD SIGNAL 07-02-2023 : EURUSD Price Analysis Mildly bid between five-week-old horizontal support and 200-SMA.

EURUSD SIGNAL 07-02-2023 : EURUSD Price Analysis Mildly bid between five-week-old horizontal support and 200-SMA.

• EUR/USD seesaws around intraday high as it snaps three-day downtrend.
• Oversold RSI underpins corrective bounce off short-term key support.
• Bearish MACD signals join 200-SMA to challenge Euro bulls.
• Downside bias remains intact below 1.0830, ascending trend line from late November acts as additional support.

EURUSD grinds near an intraday high of 1.0743 as it bounces off a five-week-old horizontal support during the early Tuesday in Europe. The major currency pair’s latest gains could also be linked to the oversold RSI (14).

EURUSD SIGNAL : However, the bearish MACD signals and the 200-SMA, close to 1.0765 by the press time, challenge the quote’s immediate upside.

Even if the quote stays firmer past 1.0765 SMA hurdle, a downward-sloping resistance line from the last Thursday, around 1.0830 at the latest, could act as the last defense of the EUR/USD bears.

Following that, the 1.0900 and the 1.1000 psychological magnet may act as buffers before directing the pair towards the latest swing high surrounding 1.1035.

EURUSD SIGNAL : Meanwhile, multiple levels marked since late December 2022, around 1.0710, challenge the EUR/USD bears. Also acting as short-term support is the 1.0700 round figure.

In a case where the EUR/USD pair remains bearish past 1.0700, an ascending support line from late November 2022, near 1.0650 as we write, will be important to watch.

It’s worth noting that the EUR/USD weakness below 1.0650 makes it vulnerable to refreshing the yearly low, currently around 1.0480.

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