EUR/USD Price Analysis: Further upside needs validation from 1.0920
|- EUR/USD buyers flirt with nine-month high during three-day uptrend.
- Sustained trading beyond previous resistance line, bullish MACD signals favor bulls.
- Nearly overbought RSI conditions probe further upside amid multiple hurdles to the north.
EUR/USD picks up bids to challenge the nine-month high surrounding 1.0900 as bulls keep the reins for consecutive three days to early Monday. In doing so, the major currency pair cheers bullish MACD signals while extending the run-up beyond the previous resistance line from mid-December 2022.
It’s worth noting, however, that the RSI (14) is approaching the overbought territory and hence challenge the quote’s further advances.
On the same line, a six-day-old upward-sloping trend line resistance, around the 1.0900 round figure also probes the EUR/USD bulls. It’s worth noting that the quote’s advances past 1.0900 need validation from the 61.8% Fibonacci Expansion (FE) of the pair’s January 08-18 moves, close to 1.0920.
In a case where the quote’s remains firmer past 1.0920, the April 2022 peak near 1.0935-40 could act as the last defense of EUR/USD bears.
Alternatively, pullback moves remain elusive unless the quote stays beyond the aforementioned resistance-turned-support line, close to 1.0770 by the press time.
Following that, three-week-old horizontal support around 1.0710 may try to probe the bears before giving them control.
Overall, EUR/USD buyers are likely to remain in the driver’s seat even if the upside room appears limited.
EUR/USD: Four-hour chart
Trend: Limited upside expected
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.