EUR/USD Price Analysis: Bulls jostle with nearby resistance with eyes on 1.0770
|- EUR/USD retreats from a three-day-old descending trend line.
- Sustained trading beyond the key HMAs, firmer oscillators keep buyers hopeful.
- 61.8% Fibonacci Expansion lures the bulls, sellers need validation from 200-HMA.
EUR/USD pares intraday gains around 1.0700 while stepping back from an immediate resistance line. In doing so, the major currency pair reverses the previous day’s pullback from the monthly high during Thursday’s Asian session.
Although a downward sloping trend line from Tuesday restricts the nearby EUR/USD upside around 1.0710, the quote’s ability to stay firmer past the 100-HMA and the 200-HMA keeps the buyers hopeful of overcoming the nearby hurdle.
Also favoring the upside bias is a one-week-old ascending trend line and the bullish MACD signals, not to forget firmer RSI (14).
That said, the 61.8% Fibonacci Expansion (FE) of May 20-25 moves, around 1.0770, gains the EUR/USD pair buyer’s attention until the quote stays beyond the weekly support line and the 100-HMA level, respectively around 1.0660 and 1.0650.
Even if the quote drops past 1.0650, the 200-HMA level of 1.0568 will test the bears before giving them control.
On the contrary, sustained trading beyond 1.0770 will help the EUR/USD buyers to aim for a late April swing high surrounding 1.0935.
EUR/USD: Hourly chart
Trend: Further upside expected
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