EURUSD Price Analysis: Further upside beyond parity hinges on 100-DMA breakout
|- EURUSD seesaws around a one-week high as bulls brace for another battle with the 100-DMA hurdle.
- Oscillators favor further upside momentum, sustained break of 50-DMA also favor buyers.
- Rejection of the bullish channel becomes necessary for bears to retake control.
EURUSD buyers take a warm-up break as they approach the key hurdle above 1.0000 after the two-day uptrend, sidelined near 1.0020 during Tuesday’s Asian session.
Even so, the major currency pair’s successful run-up beyond the 50-DMA joins bullish MACD signals and firmer RSI (14), not overbought, to keep the pair buyers hopeful.
That said, the quote’s further upside hinges on a clear break of the 100-DMA hurdle surrounding 1.0045. Also acting as an upside filter is the previous monthly peak near 1.0100.
It’s worth noting that the upper line of a six-week-old ascending trend channel, near 1.0140 at the latest, could also challenge the EURUSD bulls.
Meanwhile, the quote’s downside remains limited as the 50-DMA appears strong support for the bears to crack near 0.9880.
Following that, the stated channel’s lower line, close to 0.9755, could gain the market’s attention as a downside break of the same won’t hesitate to refresh the yearly low, currently around 0.9535.
To sum up, EURUSD is likely to remain firmer but the road to the north is long and bumpy.
EURUSD: Daily chart
Trend: Further upside expected
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