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- EUR/USD Price Analysis: Bulls keep eyes on 1.0700 hurdle
EUR/USD Price Analysis: Bulls keep eyes on 1.0700 hurdle
- EUR/USD picks up bids to refresh intraday high, extends Friday’s U-turn from one-month low.
- Upbeat oscillators, clear break of 100-SMA underpin bullish bias.
- Key Fibonacci retracement levels also restrict short-term EUR/USD downside.
- Three-week-old descending resistance line probes buyers ahead of December’s peak.
EUR/USD prints mild gains around 1.0665 as it extends the previous day’s rebound from a one-month low during Monday’s Asian session. In doing so, the major currency pair justifies the upside break of the 100-SMA, as well as the U-turn from the 50% Fibonacci retracement level of its November 21 to December 15 upside.
Also adding strength to the bullish bias could be the upbeat signals from the MACD and firmer RSI (14), not overbought.
As a result, the EUR/USD buyers are well-set to poke a downward-sloping resistance line from mid-December, around 1.0700 by the press time.
However, the previous monthly high surrounding 1.0735 could challenge the bulls afterward.
Following that, a run-up towards the May 2022 peak near 1.0790 and the 1.0800 threshold can’t be ruled out.
Alternatively, the EUR/USD pair’s pullback moves remain elusive unless the quote stays beyond the 100-SMA, currently around 1.0620.
Even so, the 50% and the 61.8% Fibonacci retracement levels, close to 1.0480 and 1.0420 in that order, could challenge the EUR/USD bears.
In a case where the pair remains weak past 1.0420, the odds of witnessing a slump to the November 30 low near 1.0290 can’t be ruled out.
EUR/USD: Four-hour chart
Trend: Further upside expected
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