• The asset has continued its two-day bullish momentum after surpassing Wednesday’s high at 1.0482.
  • A confident establishment above the 200-EMA will strengthen the Euro bulls further.
  • The RSI (14)’s oscillation in the 60.00-80.00 range indicates that the upside momentum is active.

The EUR/USD pair has continued its two-day winning streak after overstepping Wednesday’s high at 1.0405 in the Tokyo session. The asset is looking to re-test November high at 1.0482 as the risk profile has turned extremely bullish.

Meanwhile, the US dollar index (DXY) has extended its downside journey to near 105.76 amid a significant decline in safe-haven’s appeal. S&P500 futures have carry-forwarded its upside momentum on Thanksgiving Day.

The EUR/USD pair is aiming to establish comfortably above the 200-period Exponential Moving Average (EMA) at 1.0389. The corrective move in the asset after printing a high of 1.0482 to near 1.0226 has been supported by the upward-sloping trendline placed from November low at 0.9730.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a bullish range of 60.00-80.00, which indicates more upside ahead.

Should the asset break above November’s high at 1.0482, the major will be exposed to the horizontal resistances plotted from June 27 high at 1.0615 and May 30 high at 1.0787.

On the contrary, the shared currency bulls could lose strength if the asset drops below Monday’s low at 1.0226. This will drag the asset towards November 11 low at 1.0163, followed by the round-level support at 1.0100.

EUR/USD daily chart

EUR/USD

Overview
Today last price 1.0432
Today Daily Change 0.0030
Today Daily Change % 0.29
Today daily open 1.0402
 
Trends
Daily SMA20 1.013
Daily SMA50 0.9948
Daily SMA100 1.0026
Daily SMA200 1.0398
 
Levels
Previous Daily High 1.0405
Previous Daily Low 1.0296
Previous Weekly High 1.0482
Previous Weekly Low 1.0272
Previous Monthly High 1.0094
Previous Monthly Low 0.9632
Daily Fibonacci 38.2% 1.0364
Daily Fibonacci 61.8% 1.0338
Daily Pivot Point S1 1.0331
Daily Pivot Point S2 1.026
Daily Pivot Point S3 1.0222
Daily Pivot Point R1 1.044
Daily Pivot Point R2 1.0476
Daily Pivot Point R3 1.0548

 

 

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