EUR/USD Price Analysis: Bulls push above the 200-day SMA as rally extends
- EUR/USD advanced after the European session, trading above the 200-day SMA near the 1.0830 region as bullish momentum continued.
- The pair has gained nearly 5% this week, breaking key resistance and signaling a potential continuation of the uptrend.
- Key resistance emerges near 1.0900, while support now aligns at the 200-day SMA around 1.0830.
EUR/USD extended its rally on Thursday, climbing past the 200-day Simple Moving Average (SMA) after the European session, signaling strong bullish momentum. The pair has now added close to 5% this week, reinforcing buyers' control as technical indicators remain in favor of further gains.
The Relative Strength Index (RSI) remains in overbought territory but is only mildly rising, suggesting that while the pair retains bullish momentum, profit-taking or a temporary pullback could emerge. Meanwhile, the Moving Average Convergence Divergence (MACD) continues to print rising green bars, confirming the ongoing upside bias.
Now that EUR/USD has decisively moved above the 200-day SMA, the next key resistance is seen around the 1.0900 region. A sustained break above this level could open the door for further gains toward 1.0950. On the downside, the 200-day SMA, now acting as immediate support, sits around 1.0830, with additional buying interest likely near 1.0750.
EUR/USD daily chart
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
