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Market News Oversold RSI probes bears at 1.0450 in EUR/USD Price Analysis

Oversold RSI probes bears at 1.0450 in EUR/USD Price Analysis

EUR/USD stays stagnant at its two-week low and halts its two-day slump. The oversold RSI line impedes additional declines, while seven-week-old support lines further limit the downside. Multiple obstacles will confront bulls, and the weekly low is the sellers' final line of defense.

Alina Haynes

2022-06-30

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During Thursday's sluggish Asian session, the EUR/USD fluctuates close to a two-week low as oversold RSI circumstances threaten more losses. Consequently, the key currency pair will trade between 1.0450-40 at the absolute latest.

Even if the price defies the oversold RSI and descends further, upward sloping trend lines from May 13 around 1.0420 and 1.0400 will impede further losses.

Notably, the 1.0380 level and the annual low around 1.0350 are additional filters to the south that might test EUR/USD bears.

Alternatively, a six-week-old horizontal region between 1.0460 and 1.0470 protects the immediate recovery of the quotation.

The EUR/USD bulls will then be tested by a downward sloping resistance line from June 28 at 1.0500.

In the event that the pair climbs above 1.0500, a confluence of the 50-SMA and 100-SMA around 1.0535 will precede the 200-SMA and weekly top around 1.0600 and 1.0615, allowing sellers to take their final positions.