Technical Analysis: EUR/USD Uptrend Intact, Steady Near 1.0700
The EUR/USD pair continues to hover around the key psychological level of 1.0700 in the early Asian trading session. Its modest increase remains steady, thanks to the softening of the US dollar (USD). Meanwhile, investors continue to adjust their strategies, anticipating the potential interest rate cuts from the Federal Reserve (Fed).
On the 4-hour chart, the upward trend of EUR/USD remains intact. The Simple Moving Average (SMA) 20 is trending upward, signaling positivity as the price continues to surpass resistance levels. Starting from 1.0714, followed by SMA 100 at 1.0727, and finally, 1.0756. Furthermore, the Relative Strength Index (RSI) has crossed the threshold of 60, indicating an increase in the strength of the uptrend.
On the 4-hour chart, the upward trend of EUR/USD remains intact. The Simple Moving Average (SMA) 20 is trending upward, signaling positivity as the price continues to surpass resistance levels. Starting from 1.0714, followed by SMA 100 at 1.0727, and finally, 1.0756. Furthermore, the Relative Strength Index (RSI) has crossed the threshold of 60, indicating an increase in the strength of the uptrend.
