EUR/USD Price Analysis: Bulls are well-set to poke 1.0955 hurdle
- EUR/USD renews nine-month high inside short-term rising wedge.
- Nearly overbought RSI conditions suggest limited room towards the north.
- 10-DMA restricts immediate downside, 1.0660 is the key support.
EUR/USD makes round to 1.0900 after rising to a fresh high since April 2022 heading into Monday’s European session.
In doing so, the Euro pair prints a three-day winning streak while staying firmer beyond the 10-DMA. However, the nearly overbought RSI and a 4.5-month-old rising wedge bearish chart formation challenges the buyers as of late.
It’s worth noting that the quote’s latest run-up aims for the April 2022 peak surrounding 1.0935 ahead of targeting the stated wedge’s top-line close to 1.0955.
Though, a successful run-up beyond 1.0955 will defy the bearish pattern and could quickly propel the prices toward the 1.1000 round figure.
In a case where the EUR/USD pair remains firmer past 1.1000, March 2022 peak surrounding 1.1185 will be in focus.
Alternatively, pullback moves remain elusive unless the quote stays above the 10-DMA support of 1.0815.
Following that, the 61.8% Fibonacci retracement level of the EUR/USD pair’s February-September 2022 downturn, around 1.0750, could lure the bears.
It should be observed that the EUR/USD’s weakness past 1.0750 highlights the stated wedge’s lower line, close to 1.0660, a break of which will confirm the bearish chart formation and can reverse the upward trajectory since late September 2022.
EUR/USD: Daily 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.
