EUR/USD Price Analysis: Descending trendline resistance near 1.1880 limits immediate upside

EUR/USD’s upside attempts face rejection at the trendline hurdle.
The spot trades above all the major HMAs.
Hourly RSI keeps points south but stays in the bullish zone.

Dhwani Mehta FXStreet

EUR/USD extends its consolidative mode into Asia, following a solid comeback seen in the US last session.

The overnight rally in the spot prompted the bulls to regain ground above all the major hourly moving averages (HMA).

Although the descending trendline resistance at 1.1881 remains a tough nut to crack for the buyers so far this Friday.

The downward turn in the hourly Relative Strength Index (RSI), currently at 58.47, suggests that the bulls are likely to face a tough time surpassing the foresaid hurdle.

Acceptance above that level could see a test of the 1.1900 level.

Alternatively, the major could find strong support at 1.1857, the confluence of the 50 and 100-HMA.

Meanwhile, the bullish 21-HMA at 1.1851 could be tested if the follow-through selling interest picks up pace.

Further south, the horizontal 200-HMA at 1.1831 is the level to beat for the bears.

EUR/USD: Hourly chart

EUR/USD: Additional levels

EUR/USD

Overview
Today last price	1.1870
Today Daily Change	-0.0008
Today Daily Change %	-0.07
Today daily open	1.1879

Trends
Daily SMA20	1.1789
Daily SMA50	1.1775
Daily SMA100	1.1732
Daily SMA200	1.1373

Levels
Previous Daily High	1.188
Previous Daily Low	1.1816
Previous Weekly High	1.192
Previous Weekly Low	1.1746
Previous Monthly High	1.1881
Previous Monthly Low	1.164
Daily Fibonacci 38.2%	1.1856
Daily Fibonacci 61.8%	1.1841
Daily Pivot Point S1	1.1837
Daily Pivot Point S2	1.1794
Daily Pivot Point S3	1.1772
Daily Pivot Point R1	1.1901
Daily Pivot Point R2	1.1923
Daily Pivot Point R3	1.1965

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD looks sidelined below 1.1600

EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.