EUR/USD Price Analysis: Bulls struggle below 1.0940 hurdle

EUR/USD struggles after six-day uptrend, seesaws near nine-month high.
Overbought RSI conditions join six-week-old resistance line to challenge further upside.
Bears need validation from the 10-DMA to retake control.

Anil Panchal FXStreet

EUR/USD bounces off intraday low to around 1.0920 as it consolidates weekly gains, the third one in a row, ahead of the US fourth quarter (Q4) Gross Domestic Product (GDP) on Thursday.

The major currency pair justifies the overbought RSI (14) as it prints the first daily loss in seven days.

Not only the Relative Strength Index (RSI) conditions but the ascending trend line from mid-December, near 1.0940 by the press time, also challenges the EUR/USD buyers.

With this, the pair is likely to decline towards the 10-DMA support, close to 1.0850 at the latest. However, any further downside needs to conquer the previous monthly low surrounding 1.0735 to welcome the EUR/USD bears.

Following that, a downward trajectory towards the monthly low near 1.0485 can’t be ruled out.

Meanwhile, an upside break of the aforementioned six-week-long resistance line, around 1.0940, could quickly propel EUR/USD towards the 1.1000 round figure.

Even so, another ascending trend line resistance, from November 15, 2022, could challenge the EUR/USD buyers afterward around 1.1090. It’s worth mentioning that the top marked during late March of the last year, near 1.1185, could jump on the bull’s radar past 1.1090.

To sum up, EUR/USD bulls are likely to take a breather as traders braces for the key data/events. However, the bears are far from the entry.

EUR/USD: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	1.0916
Today Daily Change	0.0002
Today Daily Change %	0.02%
Today daily open	1.0914

Trends
Daily SMA20	1.0751
Daily SMA50	1.0603
Daily SMA100	1.026
Daily SMA200	1.0311

Levels
Previous Daily High	1.0924
Previous Daily Low	1.0857
Previous Weekly High	1.0888
Previous Weekly Low	1.0766
Previous Monthly High	1.0736
Previous Monthly Low	1.0393
Daily Fibonacci 38.2%	1.0898
Daily Fibonacci 61.8%	1.0883
Daily Pivot Point S1	1.0873
Daily Pivot Point S2	1.0832
Daily Pivot Point S3	1.0807
Daily Pivot Point R1	1.094
Daily Pivot Point R2	1.0965
Daily Pivot Point R3	1.1006

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.

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