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- EUR/USD Price Analysis: Bulls cheer triangle breakout to aim for 1.0780 hurdle
EUR/USD Price Analysis: Bulls cheer triangle breakout to aim for 1.0780 hurdle
- EUR/USD extends the previous day’s rebound from five-week low, grinds higher of late.
- Sustained break of descending triangle, upbeat oscillators favor buyers to target 200-SMA.
- Sellers need validation from 1.0650 to retake control.
EUR/USD grinds near the intraday high of 1.0736 while stretching the week-start rebound from the multi-day low to early Tuesday. In doing so, the major currency pair justifies the previous day’s upside break of a two-week-old descending triangle.
Adding strength to the upside bias are the bullish MACD signals and the firmer RSI (14), not overbought.
With this, the EUR/USD buyers are on the way to the 200-bar Simple Moving Average (SMA), around 1.0780 by the press time. However, multiple hurdles could challenge the pair’s further upside near 1.0800 and 1.0870 afterward.
In a case where the EUR/USD pair remains firmer past 1.0870, a three-week-old horizontal resistance area near 1.0930-40 will be crucial for the buyers to cross if they wish to keep the reins.
On the flip side, the pullback moves remain elusive unless the quote stays beyond the stated triangle’s top line, near 1.0680 at the latest.
Even if the EUR/USD pair declines below 1.0680, the lower line of the triangle, close to 1.0650, could act as the last defense of the buyers.
Overall, EUR/USD is likely to remain firmer as crucial statistics from the Eurozone and the US loom. However, the upside room appears limited.
Also read: EUR/USD grinds higher past 1.0700 as traders brace for EU Q4 GDP, US inflation
EUR/USD: Four-hour chart
Trend: Further upside expected
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