EUR/USD Price Analysis: Pair climbs above 1.0485 as bullish momentum strengthens
- EUR/USD advances on Friday, marking a solid recovery to 1.0485.
- Technical indicators point to strengthening momentum, with the pair nearing short-term resistance.
- Focus shifts to whether buyers can maintain traction above the 1.0500 psychological level.
The EUR/USD pair ended the week on a bullish note, climbing 0.66% to settle at 1.0485 on Friday. This move signals a continuation of its recovery, following recent consolidation within a relatively narrow trading range. The pair’s ability to maintain upward pressure highlights growing buyer confidence as it approaches key resistance levels.
Technical readings reflect the strengthening bullish bias. The Relative Strength Index (RSI) has surged to 62, well into positive territory and rising sharply, indicating robust buying interest and room for further gains. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram is printing rising green bars, confirming growing upward momentum and underscoring increased demand.
For the immediate outlook, the 1.0500 mark will act as a pivotal resistance, with a decisive break above it opening the door to the next target at 1.0530. On the downside, support rests at 1.0450, followed by the 1.0420 level, which could serve as a safety net if selling pressure re-emerges. Traders will watch these levels closely to assess the pair’s ability to sustain its bullish trajectory.
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.
