EUR/USD Price Analysis: Holds positive ground above 1.1000, Bull cross eyed

EUR/USD trades in positive territory for five straight days above the 1.1000 psychological mark.
The 50-hour EMA is on the verge of crossing above the 100-hour EMA.
The immediate resistance level is located at 1.1065; the initial support level will emerge at 1.0900.

Lallalit Srijandorn FXStreet

The EUR/USD pair gains traction for the fifth consecutive day during the early European session on Wednesday. The decline of the US Dollar (USD) lends some support to the major pair. As of writing, EUR/USD is trading near 1.1001, gaining 0.12% on the day.

From the technical perspective, the bullish outlook of the EUR/USD pair remains intact as the pair holds above the 50- and 100-hour Exponential Moving Averages (EMA) on the daily chart. It’s worth noting that the 50-hour EMA is on the verge of crossing above the 100-hour EMA. If a decisive crossover occurs on the daily chart, it would validate a Bull Cross, highlighting that the path of least resistance for EUR/USD is to the upside.

The immediate resistance level for the major pair is located near the upper boundary of the Bollinger Band and a high of October 8 at 1.1065. The next hurdle is seen at a high of July 27 at 1.1150. Any follow-through buying above the latter will see the rally to a psychological round mark of 1.1200.

On the flip side, the initial support level will emerge at a high of November 21 and the round mark at 1.0900. Further south, the next downside target to watch is a low of November 17 at 1.0825. The key contention level is seen at 1.0760. The mentioned level is the confluence of the 50-hour EMA and the 100-hour EMA.

Meanwhile, the Relative Strength Index (RSI) stands in bullish territory above 50, indicating that further upside looks favorable.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1002
Today Daily Change	0.0014
Today Daily Change %	0.13
Today daily open	1.0988

Trends
Daily SMA20	1.0806
Daily SMA50	1.0666
Daily SMA100	1.0792
Daily SMA200	1.0814

Levels
Previous Daily High	1.1009
Previous Daily Low	1.0934
Previous Weekly High	1.0965
Previous Weekly Low	1.0852
Previous Monthly High	1.0695
Previous Monthly Low	1.0448
Daily Fibonacci 38.2%	1.0981
Daily Fibonacci 61.8%	1.0963
Daily Pivot Point S1	1.0946
Daily Pivot Point S2	1.0903
Daily Pivot Point S3	1.0871
Daily Pivot Point R1	1.102
Daily Pivot Point R2	1.1052
Daily Pivot Point R3	1.1095

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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