EUR/USD Price Analysis: Climbs near daily highs with bullish trend intact
- EUR/USD was seen trading near the 1.0780 area on Thursday, gaining ground toward the top of its daily range.
- Despite mixed oscillator signals, the overall setup remains bullish, underpinned by short and medium-term moving averages.
- Support rests at the 1.0790–1.0760 zone, while resistance appears near 1.0810 and 1.0840.
The EUR/USD pair extended gains on Thursday, moving closer to the top of its daily range near the 1.0780 area after the European session. Price action reflects a broadly bullish bias despite mixed momentum signals, with the pair rising steadily throughout the session, supported by underlying trend indicators.
Technically, the overall signal leans bullish. While the Moving Average Convergence Divergence (MACD) prints a mild sell at 0.007, and the Relative Strength Index (RSI) sits at 51.5 in neutral territory, the 20-day Simple Moving Average (SMA) at 1.0790, 100-day SMA at 1.0518, and 200-day SMA at 1.0729 continue to support the uptrend. Similarly, the 30-day Exponential Moving Average (EMA) and SMA at 1.0709 and 1.0682, respectively, align with bullish momentum.
Other indicators, such as the Average Directional Index (ADX) at 26.8 and Commodity Channel Index (CCI) near -7, suggest the trend strength is neutral, reinforcing the idea that further confirmation may be needed before a sustained breakout.
Immediate resistance is seen at 1.0808, followed by a firmer ceiling around 1.0844. On the downside, key support aligns at 1.0790, with further levels at 1.0785 and 1.0764. A clean break above the 1.0810 region could open the path toward higher targets, while failure to hold the support band may prompt a pullback within the bullish structure.
EU/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.
