Following the previous two sessions’ downward momentum, the EUR/USD continues to trade lower.
The pair is struggling to break over $1,800 and has little upside potential.
For aggressive buying offers, the MACD throws caution.
In the early Asian trading hours of Thursday, the EUR/USD is attempting to reclaim the $1.800 level. The pair trades in a fairly narrow range with no discernible traction.
The EUR/USD currency pair is currently trading at 1.1796, up 0.05 percent on the day.
On a daily basis, The EUR/USD pair remained under sustained selling pressure for the month of June after reaching a high of 1.2254 on June 1. In the previous day, the pair extended its losses from the previous month and retreated to multi-month lows of 1.1781.
Price could be corrected higher up to the 1.1760 horizontal support level if it breaks and sustains below the session’s low at 1.1790.
The Moving Average Convergence Divergence (MACD) indicator, which has a negative bias and remains in the oversold zone, suggests that there could be more downside.
The 1.1720 horizontal level would be tested by EUR/USD bears, followed by the March 31 low in the 1.1700 range.
If price can hold above the crucial psychological level of 1.1800, it could retrace back to the previous day’s high of 1.1836.
The price would then aim for the 1.1860 horizontal resistance level, followed by the 1.1908 high set on June 20./n
