EUR/USD Goes Sideways

The euro edged higher after an ECB official supported the idea of a stronger currency to combat inflation. The pair is bouncing off December 2017’s lows at 1.0350. The RSI’s oversold situation on both daily and hourly charts led some sellers to cover as a wave of profit-taking could help the euro snap back from this demand zone. The bias remains down unless the bulls lift the first hurdle (1.0530) from the latest sell-off. 1.0640 on the 30-day moving average is a major resistance to clear before a bullish reversal could happen.

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