EUR/USD Price Analysis: Bulls approach 1.0480-90 key resistance zone
- EUR/USD rises for the third consecutive day, around intraday high of late.
- 13-day-old horizontal area, also comprising 50-SMA and monthly resistance line challenge further upside.
- Bullish MACD signals join weekly support line to keep buyers hopeful.
EUR/USD grinds higher around daily top during the third positive daily performance from a five-year low. In doing so, the major currency pair rises towards a short-term key resistance area. That said, the quote takes rounds to 1.0445-50 by the press time of Tuesday’s Asian session.
That said, the pair’s latest rebound could be linked to the firmer MACD signals and a three-day-long rising support line, near 1.0410 at the latest.
However, a convergence of the 50-SMA, descending trend line from April 21 and a two-week-long horizontal region challenge the EUR/USD upside moves around 1.0480-90.
In a case where EUR/USD rises past the 1.0490 hurdle, the 1.0500 threshold could challenge the run-up towards the monthly high near 1.0640.
Meanwhile, pullback moves can test the immediate support line, near 1.0410, before directing EUR/USD prices towards the 1.0350-40 support area including multiple lows marked since 2017.
Should EUR/USD prices remain weak past 1.0340, a downward trajectory towards the 1.0300 and the 1.0200 thresholds becomes imminent.
EUR/USD: Four-hour chart
Trend: Further upside expected
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.
