EUR/USD Price Analysis: Bulls poke 1.0320 hurdle to aim for 200-DMA
- EUR/USD picks up bids to defend the previous day’s rebound.
- Convergence of the 10-DMA, one-week-old resistance line challenges buyers.
- Bears need validation from resistance-turned-support stretched from early October.
- Oscillators seem running out of bullish bias as buyers brace for another battle with the 200-DMA.
EUR/USD prints mild gains around 1.0320 as buyers keep the previous day’s rebound from a one-week low during early Wednesday.
In doing so, the major currency pair jostles with a short-term key resistance comprising the 10-DMA and a one-week-old descending trend line.
It’s worth noting that the receding bullish bias of the Moving Average Convergence and Divergence (MACD) indicator joins the return of the Relative Strength Index, placed at 14, from overbought territory to suggest further hardships for the EUR/USD pair buyers.
Even so, a clear upside break of the 1.0320 resistance could quickly propel the EUR/USD prices toward the 200-DMA hurdle surrounding 1.0400. However, any further advances appear tough and can challenge the bulls.
Even if the EUR/USD buyers manage to cross the 1.0400 hurdle, the monthly high near 1.0481 could act as an additional upside filter.
Alternatively, pullback moves remain elusive until the quote stays beyond the previous resistance line from early October, around 1.0200 by the press time.
Following that, the southward trajectory could aim for the 1.0100 round figure and the previous monthly high near 1.0090.
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.
