Technical Analysis: EURUSD probes 200-day EMA ahead of key US data
Despite trading near the highest in eight weeks, EURUSD is yet to cross 200-day EMA on a daily closing basis. In addition to the key EMA, currently near 1.1020, US GDP, Durable Goods Orders and Weekly Jobless Claims also keep the major traders on the edge. As a result, fresh buying at this point becomes less advisable whereas selling trades should wait until the data gets out. While the overbought RSI conditions keep sellers hopeful, a daily closing beyond 1.1020 could propel the quote towards March 27 high near 1.1150.
On the other hand, an ascending trend line from May 14, around 1.0910, can lure the sellers during the quote's U-turn. Should prices decline below 1.0910, 1.0880 and 1.0850 may offer intermediate halts before highlighting the monthly low near 1.0770/75 for the bears.