EUR/USD Price Analysis: Bulls eye a break of key daily resistance


Share:
  • EUR/USD bulls are in the market and eye a break of 1.0830. 
  • All now depends on the Fed ahead of the ECB late rin the week. 

EUR/USD popped and dropped on Tuesday after hitting a 3-week high. A weaker dollar Tuesday was supportive of the euro but there was a turnaround when traders took a second inspection of the US inflation story. Core CPI remains sticky. However, central bank divergence remains positive for EUR/USD on the prospects for the Fed to pause raising interest rates on Wednesday this week while the ECB continues to raise interest rates. 

However, the technical picture is clouded as follows:

EUR/USD daily charts

The price is on the backside of the dominant bullish trend. This leaves a bearish bias on the daily charts. However, there are prospects of a meanwhile move higher as follows:

A move above 1.0830 opens the risk of a prolonged move higher for the coming days. 

EUR/USD H4 chart

The 4-hour chart sees the price supported at the neckline of the W-formation. 

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content

Editors’ Picks

EUR/USD holds above 1.0800 after US data

EUR/USD holds above 1.0800 after US data

EUR/USD erased a small portion of its daily losses after meeting support at 1.0800. The US data showed that the real GDP growth for Q4 got revised lower to 3.2% from 3.3%, limiting the US Dollar's strength and helping the pair find a foothold.

EUR/USD News

GBP/USD stabilizes near 1.2650 following earlier decline

GBP/USD stabilizes near 1.2650 following earlier decline

GBP/USD staged a correction after falling toward 1.2600 earlier in the day and stabilized near 1.2650. The risk-averse market atmosphere doesn't allow the pair to gather recovery momentum, even though the Q4 US GDP growth was revised slightly lower to 3.2%.

GBP/USD News

Gold fluctuates above $2,030 as US yields edge lower

Gold fluctuates above $2,030 as US yields edge lower

Gold holds above $2,030 in the second half of the day on Wednesday. The benchmark 10-year US Treasury bond yield corrects lower after rising above 4.3% on Tuesday, allowing XAU/USD to cling to modest daily gains ahead of Thursday's key PCE inflation data.

Gold News

Bitcoin revisits $60,000 for the first time since November 2021

Bitcoin revisits $60,000 for the first time since November 2021

Bitcoin (BTC) price has tagged the $60,000 psychological level in the early New York trading session on Wednesday. This development puts BTC at a level last seen in November 2021.

Read more

New Zealand's central bank shifts tone, sending Kiwi lower

New Zealand's central bank shifts tone, sending Kiwi lower

 The central bank of New Zealand softened its previous threat to lift rates even further, turning the Kiwi dollar into this morning’s biggest underperformer.

Read more

Forex MAJORS

Cryptocurrencies

Signatures