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EUR/USD Bounces Back

March 11, 2022/0 Comments/in Technical Analysis, Uncategorized Echo_21 /by euitsols

The euro rallies on news that the EU may issue a joint bond to fund energy and defense.

The pair found bids near May 2020’s lows (1.0810). An oversold RSI on the daily chart prompted sellers to take profit, easing the downward pressure. A rally above the immediate resistance at 1.0940 and a bullish MA cross may improve sentiment in the short term.

However, buyers will need to clear the support-turned-resistance at 1.1160 before they could hope for a meaningful rebound. 1.0910 is the support in case of a pullback.

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