Forex
Euro Capped by 200-Day SMA Amid Rising Tensions
The EUR/USD pair trades at 1.1590, down 0.25%, as the shared currency edges lower under rising geopolitical tensions and escalating hostilities between the US and Iran. The Euro is capped by the 200-day Simple Moving Average (SMA) at 1.1633.
The Relative Strength Index (RSI) is above 50, indicating a bullish signal but aiming lower as sellers gain strength. To continue bearishly, the EUR/USD must clear the 100-day SMA and expose the August 13 swing low of 1.1511.
Buyers need to push the pair above the 200-day SMA ahead of the 1.1700 psychological level for a decisive breakout. A successful breakout will then reveal the May 6 high at 1.1796.