• EURUSD stays in neutral trajectory

• Technical signals show some weakness

As the year is concluding, EURUSD is somewhat higher compared to the start of 2023. The pair is currently in a consolidation phase, bounded by the 200-week simple moving average (SMA) at approximately 1.1150 as the upper limit, after briefly surpassing it in July, and the lower limit being the ten-month low of 1.0450.

The weekly oscillators indicate a decrease in upward momentum. The RSI has shifted downwards although still in the positive range, while the stochastic oscillator has shown a negative crossover between its %K and %D lines in the overbought region, suggesting a bearish retracement. Nevertheless, the MACD oscillator is approaching a horizontal position close to its 0 level, reflecting the overall neutral perspective in the pair.

If buyers regain control and surpass the 200-week SMA of 1.1150, the price is likely to rise towards the 17-month high of 1.1275. Once this level is exceeded, there is a possibility for the door to open towards the psychological mark of 1.1500, which was recorded in February 2022, before reaching the resistance level of 1.1690.

If sellers take control again, they may encounter the initial hurdles of the 50- and the 100-week SMAs at 1.0815 and 1.0645 respectively. In the event of a violation, the focus would then shift to the 1.0450 barrier, which previously prevented the decline in early October.

In summary, the long-term perspective remains neutral. To restore the optimistic perspective, it is crucial to surpass the level of 1.1275 decisively. Conversely, if the value falls below 1.0450, the sentiment could shift to negative.