EUR/USD Price Analysis: Further upside needs validation from 1.0920

EUR/USD buyers flirt with nine-month high during three-day uptrend.
Sustained trading beyond previous resistance line, bullish MACD signals favor bulls.
Nearly overbought RSI conditions probe further upside amid multiple hurdles to the north.

Anil Panchal FXStreet

EUR/USD picks up bids to challenge the nine-month high surrounding 1.0900 as bulls keep the reins for consecutive three days to early Monday. In doing so, the major currency pair cheers bullish MACD signals while extending the run-up beyond the previous resistance line from mid-December 2022.

It’s worth noting, however, that the RSI (14) is approaching the overbought territory and hence challenge the quote’s further advances.

On the same line, a six-day-old upward-sloping trend line resistance, around the 1.0900 round figure also probes the EUR/USD bulls. It’s worth noting that the quote’s advances past 1.0900 need validation from the 61.8% Fibonacci Expansion (FE) of the pair’s January 08-18 moves, close to 1.0920.

In a case where the quote’s remains firmer past 1.0920, the April 2022 peak near 1.0935-40 could act as the last defense of EUR/USD bears.

Alternatively, pullback moves remain elusive unless the quote stays beyond the aforementioned resistance-turned-support line, close to 1.0770 by the press time.

Following that, three-week-old horizontal support around 1.0710 may try to probe the bears before giving them control.

Overall, EUR/USD buyers are likely to remain in the driver’s seat even if the upside room appears limited.

EUR/USD: Four-hour chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	1.0885
Today Daily Change	0.0029
Today Daily Change %	0.27%
Today daily open	1.0856

Trends
Daily SMA20	1.0711
Daily SMA50	1.0571
Daily SMA100	1.0232
Daily SMA200	1.031

Levels
Previous Daily High	1.0859
Previous Daily Low	1.0802
Previous Weekly High	1.0888
Previous Weekly Low	1.0766
Previous Monthly High	1.0736
Previous Monthly Low	1.0393
Daily Fibonacci 38.2%	1.0838
Daily Fibonacci 61.8%	1.0824
Daily Pivot Point S1	1.0819
Daily Pivot Point S2	1.0782
Daily Pivot Point S3	1.0762
Daily Pivot Point R1	1.0876
Daily Pivot Point R2	1.0896
Daily Pivot Point R3	1.0933

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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