EUR/USD Price Analysis: Bulls extend gains above key resistance levels
|- EUR/USD climbed higher after the European session, trading near the 1.0520 zone as bullish momentum strengthened.
- The pair pushed further above the 100-day SMA, adding nearly 1.40% at the start of the week with indicators improving.
- Resistance emerges near 1.0560, while support is seen at 1.0480; a failure to hold above key levels may invite selling pressure.
EUR/USD extended its advance on Tuesday, holding steady above a key resistance area after gaining traction earlier in the session. The pair saw a notable push following the European session, building on its strong start to the week and continuing the bullish momentum. A fresh green bar on the Moving Average Convergence Divergence (MACD) and a mild rise in the Relative Strength Index (RSI), now in positive territory, indicate improving conditions for buyers.
Bulls managed to bring the pair above the 100-day Simple Moving Average (SMA), solidifying gains of nearly 1.40% since the beginning of the week. The RSI remains in positive territory, suggesting that buying interest is still intact, though not yet at overbought levels. Meanwhile, the MACD printing fresh green bars further supports the case for continued upside, though further confirmation is needed.
Looking at technical levels, immediate resistance stands around the 1.0560 area, where sellers could step in to cap further gains. If buyers manage to clear this level, a move toward the 1.0600 psychological handle could be in play. On the downside, the first relevant support lies at 1.0480, with a drop below this threshold possibly triggering a pullback toward the 20-day SMA near 1.0450.
EUR/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.