EUR/USD Price Analysis: Thursday’s Doji above 10-day EMA keeps buyers hopeful
- EUR/USD seeks clear direction, seesaws around 1.2200 of late.
- Bullish candlestick above the key EMA and support line, upbeat Momentum line favor buyers.
- 1.2250 guards immediate upside ahead of the latest swing high.
EUR/USD remains subdued near 1.2200 during the early Asian session on Friday. The currency major pair wobbled between 1.2215 and 1.2175 before closing near the mid-point and hence forming a bullish Doji candlestick chart on the daily play.
Not only the upbeat candlestick but the pair’s sustained close beyond 10-day EMA and an ascending support line from March-end, also joined by a strong Momentum line, add to the EUR/USD buyer’s optimism.
It should, however, be noted the multiple tops surrounding 1.2240-45 and the recently flashed highest level since early January around 1.2265 challenge the Euro currency pair’s further upside.
In a case where the EUR/USD bulls manage to conquer the 1.2266 resistance, December 2020 high near 1.2310 and the year 2021 peak close to 1.2350 will be in focus.
On the flip side, a daily close below the stated support line near 1.2170 becomes necessary for even intraday sellers before they can aim for April’s top of 1.2150.
Though, a clear downside past 1.2150 won’t hesitate to test the May 13 swing low near 1.2050.
Overall, EUR/USD bulls keep the reins near the key resistance area.
EUR/USD daily chart
Trend: Bullish
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.
