EUR/USD Price Analysis: Pair gains traction, breaks above key resistance
- EUR/USD rises to 1.0335 on Tuesday, gaining bullish momentum.
- The pair surges past the 20-day SMA at 1.0360, signaling a potential trend shift.
- RSI climbs to 50 in positive territory, while the MACD histogram remains flat with green bars.
The EUR/USD pair extended its upward movement on Tuesday, advancing to 1.0335 and showing renewed buying interest. The rally helped the pair break above the critical 20-day Simple Moving Average (SMA) at 1.0360, a key level that had previously capped gains. This move could indicate a shift in sentiment, with buyers regaining control after recent range-bound trading.
From a technical perspective, momentum indicators present a cautiously optimistic outlook. The Relative Strength Index (RSI) has climbed to 50, confirming the return of bullish pressure. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram remains flat with green bars, suggesting a neutral but improving momentum stance.
In the near term, if EUR/USD sustains its position above 1.0360, further gains toward 1.0400 could be expected, with additional resistance at 1.0435. On the downside, immediate support lies at 1.0320, followed by a stronger floor at 1.0280. A failure to hold above the 20-day SMA could see renewed selling pressure, keeping the broader outlook uncertain.
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.
