EUR/USD Price Analysis: Posts fresh five-month high near 1.1120 ahead of US data

EUR/USD rises toward the major resistance at the 1.1150 level.
Technical indicators suggest a bullish momentum to reach the psychological level of 1.1200.
The psychological level of 1.1100 could act as key support following the seven-day EMA at 1.1041.

Akhtar Faruqui FXStreet

EUR/USD maintains its winning streak, with the Euro (EUR) gaining ground against the subdued US Dollar (USD). This trend is likely influenced by the anticipated dovish stance of the US Federal Reserve (Fed) on the interest rate trajectory. The EUR/USD pair trades around the 1.1110 level during the Asian session on Thursday.

The Moving Average Convergence Divergence (MACD) signals an overall positive momentum for the EUR/USD pair. The MACD line's position above the centerline and the divergence above the signal line indicates a bullish sentiment.

This positive momentum could inspire bulls of the EUR/USD pair to aim for a breakthrough above the five-month high at 1.1122. If successful, it may pave the way for the EUR/USD pair to explore major resistance at 1.1150, following the next significant level at the psychological level of 1.1200.

In addition to the positive momentum indicated by the MACD, the lagging indicator 14-day Relative Strength Index (RSI) positions above the 50 mark. This suggests a confirmation of the potential upward trend in the EUR/USD pair.

On the downside, the EUR/USD pair could find support at the psychological level of 1.1100, following the seven-day Exponential Moving Average (EMA) at 1.1041. A break below the EMA could lead the pair to test the psychological support region around 1.1000, further navigating towards the region around the 23.6% Fibonacci retracement level at 1.0964.

EUR/USD: Daily Chart

EUR/USD: more technical levels to watch

Overview
Today last price	1.1114
Today Daily Change	0.0008
Today Daily Change %	0.07
Today daily open	1.1106

Trends
Daily SMA20	1.0903
Daily SMA50	1.0809
Daily SMA100	1.0757
Daily SMA200	1.0841

Levels
Previous Daily High	1.1123
Previous Daily Low	1.1029
Previous Weekly High	1.104
Previous Weekly Low	1.0892
Previous Monthly High	1.1017
Previous Monthly Low	1.0517
Daily Fibonacci 38.2%	1.1087
Daily Fibonacci 61.8%	1.1065
Daily Pivot Point S1	1.1049
Daily Pivot Point S2	1.0992
Daily Pivot Point S3	1.0955
Daily Pivot Point R1	1.1143
Daily Pivot Point R2	1.118
Daily Pivot Point R3	1.1237

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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