EUR/USD Price Analysis: Bearish RSI divergence prods Euro bulls, US GDP, 1.1090 eyed

EUR/USD struggles around 13-month high amid bearish RSI divergence on daily chart.
Higher high on Euro prices fail to gain support from RSI (14), suggesting a pullback in EUR/USD.
Failure to cross 11-month-old ascending resistance line adds strength to the bearish bias.
One-month-old ascending trend line restricts immediate downside, 1.0765-55 appears a tough nut to crack for Euro bears.

Anil Panchal FXStreet

EUR/USD stays defensive at the highest levels since March 2022, marked the previous day, as bulls run out of steam ahead of the key US first quarter (Q1) Gross Domestic Product (GDP) during early Thursday. That said, the Euro pair picks up bids to pare the late Wednesday’s retreat from the multi-day high to around 1.1045 by the press time.

The Euro pair refreshed a 13-month high but failed to provide a daily closing beyond an upward-sloping resistance line from May 2022, around 1.1090 by the press time.

Apart from the failure to cross the crucial resistance line, the bearish RSI divergence with the latest run-up in the EUR/USD price also teases the Euro pair sellers on an important data release day.

The EUR/USD pair’s tops marked since early February fail to gain support from the RSI (14) line as the higher high in prices commensurate the lower low of the oscillator, which in turn suggests a pullback in the quote before the next leg of the uptrend.

However, a one-month-old ascending support line, close to 1.0970 by the press time, could challenge the intraday sellers of the pair.

Following that, a convergence of the 100-DMA and an upward-sloping trend line from September 2022, close to 1.0765-55, will be in the spotlight as a break of which could reverse the pair’s upward trajectory from late 2022.

Alternatively, a daily closing beyond the 1.1090 resistance line won’t hesitate to challenge the March 2022 high of around 1.1185.

EUR/USD: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.1045
Today Daily Change	0.0003
Today Daily Change %	0.03%
Today daily open	1.1042

Trends
Daily SMA20	1.095
Daily SMA50	1.0785
Daily SMA100	1.0752
Daily SMA200	1.0406

Levels
Previous Daily High	1.1095
Previous Daily Low	1.0968
Previous Weekly High	1.1
Previous Weekly Low	1.0909
Previous Monthly High	1.093
Previous Monthly Low	1.0516
Daily Fibonacci 38.2%	1.1003
Daily Fibonacci 61.8%	1.1028
Daily Pivot Point S1	1.0975
Daily Pivot Point S2	1.0908
Daily Pivot Point S3	1.0848
Daily Pivot Point R1	1.1102
Daily Pivot Point R2	1.1162
Daily Pivot Point R3	1.1229

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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