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- EUR/USD Price Analysis: Bulls eye 1.0930 key upside hurdle
EUR/USD Price Analysis: Bulls eye 1.0930 key upside hurdle
- EUR/USD grinds higher after upbeat start to the NFP week.
- Bullish MACD signals, ascending RSI (14) line keeps buyers hopeful of overcoming 10-week-old horizontal resistance.
- Short-term DMA confluence, ascending trend line from September challenge Euro bears.
EUR/USD holds onto the week-start strength as bulls approach the all-important 1.0930 resistance, around 1.0910 by the press time of early Tuesday.
In doing so, the Euro pair justifies the bullish MACD signals and the upward-sloping RSI (14) line, not overbought.
Adding strength to the upside bias is the Euro pair’s successful trading beyond the convergence of the 21-DMA and the 50-DMA, around 1.0730-25 by the press time.
As a result, the EUR/USD buyers are likely to overcome the key resistance area comprising multiple levels marked since late January 2023.
Following that the Year-To-Date (YTD) high of 1.1033 may act as an extra filter towards the north before directing the EUR/USD bulls to the 61.8% Fibonacci Expansion (FE) of its November 2022 to March 2023 moves, near 1.1190.
It should be noted that the 1.000 psychological magnet may also check the Euro pair buyers.
Meanwhile, a downside break of the aforementioned DMA confluence, near 1.0730-25, isn’t an open invitation to the EUR/USD bears as an ascending support line from September 2022, close to1.0630 at the latest, could act as the last defense of the buyers.
In a case where the Euro pair remains below 1.0630, its slump to the previous monthly low of 1.0548 can’t be ruled out.
EUR/USD: Daily chart
Trend: Further upside expected
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