EUR/USD Price Analysis: Bulls approach 1.1010 key hurdle amid three-day uptrend
- EUR/USD seesaws around 10-week high after rising in the last two consecutive day.
- Three-week-old rising wedge’s top line joins overbought RSI (14) to challenge Euro bulls.
- Multiple hurdles towards the south to challenge EUR/USD bears, 1.0755 is the key.
EUR/USD bulls take a breather around 1.1000, making rounds to 2.5-month high amid a three-day uptrend during early Thursday.
The major currency pair’s latest run-up could be linked to a successful break of the previous weekly high, as well as the bullish MACD signals. However, the top line of a three-week-old rising wedge bearish chart formation joins overbought RSI (14) conditions to challenge the Euro bulls of late.
As a result, the EUR/USD pair’s upside appears to have little room unless it successfully stays beyond the 1.1010 immediate resistance.
Even if the quote manages to cross the 1.1010 hurdle, the Year-To-Date (YTD) high marked in February at around 1.1035 can act as an extra filter towards the north before directing EUR/USD towards the late March 2022 high of around 1.1185.
Alternatively, a downside break of one-week-old horizontal support around 1.0975-70, the previous resistance, puts a floor under the EUR/USD prices for intraday. Following that, a three-week-long horizontal support zone near 1.0930 will challenge the pair sellers.
However, a convergence of the 100-SMA and the stated wedge’s bottom line, around 1.0870-65, becomes crucial to watch during the quote’s further downside.
It should be noted that the 200-SMA level surrounding 1.0755 acts as an extra filter towards the south.
EUR/USD: Four-hour chart
Trend: Limited 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.
