EUR/USD Price Analysis: Wednesday’s Doji, 10-DMA probe pullback moves
|- EUR/USD retreats from intraday high, pares weekly gains around nine-month high.
- Wednesday’s bullish Doji, sustained trading above 10-DMA keeps buyers hopeful.
- Downside break of 1.0650 could confirm rising wedge bearish chart pattern on D1.
EUR/USD grinds lower around the intraday bottom as it pares the daily, as well as weekly, gains around the highest levels since April 2022 heading into Friday’s European session.
In doing so, the major currency pair justifies the overbought RSI (14) conditions. However, Wednesday’s bullish Doji candlestick on the Daily (D1) chart joins the pair’s successful trading above the 10-DMA level of 1.0800 to keep the EUR/USD buyers hopeful.
That said, the quote’s latest pullback appears elusive unless it stays beyond the 1.0800 threshold.
Following that, tops marked during December 15 and 30 of the last month, around 1.0735 and 1.0715 in that order, could challenge the EUR/USD bears.
It’s worth noting, however, that the EUR/USD weakness past 1.0715 will be interesting to watch as the 11-week-old rising wedge highlights the 1.0650 as the key support.
Alternatively, recovery moves may initially aim for the latest peak of 1.0890 ahead of the 1.0900 round figure.
In a case where the EUR/USD price remains firmer past 1.0900, the 1.1000 psychological magnet and the top line of the aforementioned wedge, close to 1.1030 at the latest, will gain the market’s attention.
Overall, EUR/USD remains on the buyer’s radar unless it breaks the 1.0650 level. That said, the intraday sellers should seek entry below 1.0800.
EUR/USD: Daily chart
Trend: Bullish
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