The 50 SMA and ECB Keeping EUR/USD Bullish - Forex News by FX Leaders
Buyers continue to push EUR/USD higher 

The 50 SMA and ECB Keeping EUR/USD Bullish

Posted Wednesday, January 25, 2023 by
Skerdian Meta • 1 min read

EUR/USD climbed above 1.089 again, as the sentiment improved in the European session and the USD retreated lower. But, the price has retreated back below that level, failing to push to new highs above 1.0920s which was the high on Monday. Although we decided to buy the retreat in EUR/USD and opened a buy forex signal here.

A while ago we saw a run to the upside in EUR/USD and our buy forex signal in this pair approached its take profit target. But once again, buyers couldn’t hold the price above 1.09 and this pair has reversed back down. EUR/GBP has also retreated so far in the US session, but moving averages are still holding as support, so let’s see if they will hold.

Meanwhile, member of the European Central Bank (ECB) Vasle reiterated the point once again that a 50 bps interest rate hike at the next two meetings is appropriate. Back-to-back 50 bps hikes should be everyone’s base case at this point. What happens afterward is far less certain.

EUR/GBP H4 Chart – Can the 20 SMA Hold As Support Again?

Buyers continue to push the price higher 

EUR/GBP has been bullish too, although we have seen the price retreat last week, but the 200 SMA (purple) held as support on the H4 timeframe. The price bounced higher but it couldn’t make new highs so it has retreated lower, where we decided to open an EUR/GBP signal.

EUR/USD Live Chart

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