EUR/USD Price Analysis: Bulls eyes multi-month-old resistance as Euro approaches 1.0900
- EUR/USD prints six-day winning streak, stays firmer around the highest levels since early February.
- Clear upside break of one-year-long horizontal resistance, now support, joins upbeat oscillators to favor Euro bulls.
- Sustained bounce off 100-DMA, 50% Fibonacci retracement also strength bullish bias.
- Sellers need validation from 200-DMA to retake control.
EUR/USD picks up bids to refresh intraday high near 1.0875 as bulls keep the reins for the sixth consecutive day to early Thursday. In doing so, the major currency pair remains firmer around the highest levels in seven weeks, marked the previous day.
That said, the quote’s upside momentum gains validation from a successful break of the one-year-long horizontal resistance, now support around 1.0805-785.
Also favoring the bulls is the EUR/USD pair’s sustained rebound from the 100-DMA, around 1.0605 by the press time, as well as from the 50% Fibonacci retracement of the pair’s downside from February to September 2022, near 1.0515.
Additionally, bullish MACD signals and the firmer Relative Strength Index (RSI) line, not overbought, also underpin the bullish bias about the EUR/USD pair.
It should be noted that the 200-DMA level surrounding 1.0335 acts as the last defense of the EUR/USD buyers.
On the flip side, a 13-month-old descending resistance line, around 1.0985, lures the EUR/USD bulls ahead of the 1.1000 psychological magnet. Following that, the yearly high of 1.1033 and the March 2022 top surrounding 1.1185 could lure the pair buyers.
EUR/USD: Daily 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.
