The European market remained stagnant during the previous session as market players are currently waiting for the minutes of the European Central Bank’s policy meeting. The EUR increased against the USD during Wednesday’s trading session but was unable to regain its previous losses.The market exhibited low volatility during the London trading session due to an absence of market players. The EUR/USD pair spent the first half of yesterday’s session over 1.0700 points, with the currency pair’s pricing remaining under the 200 EMA. The 100 and 200 EMA for the pair exhibited a downward trend, and the 50 EMA increased and was able to reach the 100 EMA. Resistance levels for the currency pair is expected to come in at 1.0750, while support levels for the currency pair is expected to come in at 1.0700 points.
The EUR/USD’s MACD indicator remained in the positive side of the chart, while the RSI indicator stayed within the overvalued territory. The next bullish point for the currency pair is at 1.0750, and if the pair manages to break through this particular region, then this could cause the pair to hit the 1.0800 region.