EUR/USD Price Analysis: Closing on 1.10 support, bulls need a close above Tuesday's high
- EUR/USD is struggling to post a bullish follow-through to Tuesday's hammer candle.
- A move above Tuesday's high is needed to revive the immediate bullish case.
EUR/USD is closing on the psychological support of 1.10, having faced rejection near 1.1040 in early Asia.
The pair created a long-tailed hammer candle on Tuesday, indicating seller exhaustion or dip demand near 1.0930. So far, however, the bullish follow-through has remained elusive. The pair is currently reporting a 0.15% loss on the day.
A move above Tuesday's high of 1.1053 would validate or confirm the seller exhaustion signaled by Tuesday's candle and shift risk in favor of a break above the March 27 high of 1.1148.
The outlook will remain neutral as long as the pair is trading within Tuesday's range of 1.0927-1.1053. Acceptance under 1.0927 would imply a continuation of the pullback from the recent high of 1.1148 and open the doors to support at 1.0778 (Feb. 20 low).
Daily chart
Trend: Neutral
Technical levels
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
