EUR/USD Price Analysis: Marches towards 1.1100 key psychological hurdle
- EUR/USD prints four-day uptrend as it approaches 11-week-old resistance line.
- Sustained trading above key support lines keep Euro buyers hopeful.
- Nearly overbought RSI (14) prods further upside; bears need validation from 1.0955.
EUR/USD picks up bids to refresh a one-week high with 1.1066 as bulls keep the reins during early Tuesday, portraying a four-day uptrend of late.
The Euro pair’s latest rebound could be linked to its successful rebound from the one-month-old ascending support line, as well as an upward-sloping trend line from the mid-March, respectively near 1.0985 and 1.0955 in that order.
However, a downward-sloping resistance line from early February 2023, close to 1.1085 at the latest, could join the nearly overbought conditions of the RSI (14) line to challenge the EUR/USD bulls past 1.1085.
Even if the quote remains firmer past 1.1085, the 1.1100 psychological magnet can prod the EUR/USD bulls before directing them to the March 2022 peak of around 1.1185.
On the contrary, EUR/USD bears may initially aim for the 1.1000 round figure before highlighting the aforementioned support lines near 1.0985 and 1.0955.
It should be noted that March’s high of around 1.0930 can act as an extra filter towards the south if at all the Euro pair drops below 1.0955 support.
Following that, the monthly low of near 1.0788 gains the market’s attention and give control to the EUR/USD bears.
Overall, EUR/USD is likely to remain firmer even if the upside room appears limited.
EUR/USD: Daily chart
Trend: Limited upside expected
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.
