EUR/USD Price Analysis: Consolidates near 1.0900 as bulls take a breather

EUR/USD was seen trading around the 1.0900 area after the European session, moving sideways with neutral momentum.
Despite recent strong gains, the pair struggles to extend higher as overbought conditions weigh on momentum.

Patricio Martín FXStreet

The EUR/USD pair traded with a neutral tone on Wednesday after the European session, hovering around the 1.0900 mark as market participants took a step back following its strong rally. The pair appears to be consolidating as bulls hesitate near recent highs, lacking strong momentum to push further.

From a technical perspective, the Relative Strength Index (RSI) remains in overbought territory but has started to flatten, signaling a pause in buying pressure. Meanwhile, the Moving Average Convergence Divergence (MACD) continues to print green bars, suggesting that the overall bullish trend remains intact. However, the lack of immediate follow-through from buyers indicates that further gains may not be imminent.

Looking at key levels, immediate resistance is found at 1.0930, while a decisive break above this level could open the door toward 1.0980. On the downside, initial support lies near 1.0850, with stronger buying interest likely around the 200-day Simple Moving Average (SMA) at 1.0720.

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.

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