EUR/USD Price Analysis: Finds cushion around 0.9700 as risk-off impulse eases

• Easing risk-off impulse has supported the shared currency bulls.
• The death cross, represented by 50-and 200-EMAs, still favors the downside.
• A range shift by the RSI (14) into the 40.00-60.00 area indicates that the asset is picking up demand.

The EUR/USD pair is displaying topsy-turvy moves around the critical support of 0.9700 in the Tokyo session. The asset has witnessed value interest as the US dollar index (DXY) has slipped below the immediate cushion of 113.00 posts the risk-off impulse started fading away. Broadly, the major is still in the grip of bears and the rebound move needs a lot of filters for now.

On an hourly scale, the asset is displaying a rangebound structure in a 0.9678-0.9745 range. Earlier, the asset sensed severe selling pressure from the parity after failing to cross the highest auction area placed in a 0.9974-1.0050 range.

The death cross of the 50-and 200-period Exponential Moving Averages (EMAs) at 0.9830 favors a downside bias.

Contrary to that, the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range from the bearish range of 20.00-40.00.

An upside break of the 50-EMA around 0.9750 will drive the asset towards Friday’s high at 0.9817, followed by Thursday’s high at 0.9962.

On the flip side, s slippage below Monday’s low at 0.9682 will drag the asset toward the demand zone in a 0.9537-0.9554 range. A slippage below the latter will drag the pair toward the round-level support at 0.9500.

EUR/USD hourly chart