EUR/USD Price Analysis: Pair dips near range lows but maintains bullish momentum
- EUR/USD was seen trading around the 1.13 zone after easing from session highs
- Despite the mild decline, the bullish outlook remains intact with price above key averages
- Technical support is seen around 1.1128 and 1.1087, while resistance looms near the 1.1415 area
The EUR/USD pair eased slightly on Tuesday’s session after the European close, slipping from earlier intraday highs and hovering near the lower end of its daily range. Price action trades around the 1.13 zone, mildly lower on the day, though the broader technical bias continues to favor buyers.
Momentum indicators are mixed. The Relative Strength Index stands at 71.67, signaling overbought conditions and hinting at possible exhaustion, while the MACD still prints a buy signal. Meanwhile, the Williams Percent Range at -22.75 and the Stochastic RSI Fast at 91.85 remain neutral, offering limited short-term directional cues.
Still, moving averages clearly support the bullish stance. The 10-day EMA at 1.11280 and 10-day SMA at 1.10878 provide dynamic support, with longer-term signals also aligned to the upside — the 20-day SMA (1.09505), 100-day SMA (1.05734), and 200-day SMA (1.07478) are all upward-sloping and positioned below current price levels.
Support levels are found at 1.1128, 1.1103, and 1.10878, marking key zones to watch in case of extended pullbacks. On the topside, initial resistance sits at 1.14159, which could cap further gains if momentum weakens.
Daily chart
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
