EUR/USD continues to trade within a strong uptrend, respecting the 50-day SMA while pressing against a key horizontal resistance level around 1.1576. The pair has recently pulled back modestly after testing this level but remains above the short-term moving average, suggesting buyers are still in control.
Technicals provide a mixed, but slightly bullish picture:
Trend Structure: Price action shows a series of higher highs and higher lows since mid-February, confirming a bullish trend.
Moving Averages: The 50-day SMA is above the 200-day SMA (golden cross), and price continues to close above both, reinforcing the bullish bias.
MACD: While flattening, it remains in positive territory – momentum is cooling but not reversing.
RSI: Currently near 59, suggesting bullish momentum without overbought conditions – a healthy zone for a potential continuation higher.
A breakout above the 1.1576 resistance could open the path toward the 78.6% Fibonacci retracement level near 1.1745. However, failure to clear this barrier may invite consolidation or a minor pullback toward the 50-day SMA.
Traders should watch for a daily close above 1.1576 or a bounce from the 50-day SMA to confirm the next directional move.
-MW
Technicals provide a mixed, but slightly bullish picture:
Trend Structure: Price action shows a series of higher highs and higher lows since mid-February, confirming a bullish trend.
Moving Averages: The 50-day SMA is above the 200-day SMA (golden cross), and price continues to close above both, reinforcing the bullish bias.
MACD: While flattening, it remains in positive territory – momentum is cooling but not reversing.
RSI: Currently near 59, suggesting bullish momentum without overbought conditions – a healthy zone for a potential continuation higher.
A breakout above the 1.1576 resistance could open the path toward the 78.6% Fibonacci retracement level near 1.1745. However, failure to clear this barrier may invite consolidation or a minor pullback toward the 50-day SMA.
Traders should watch for a daily close above 1.1576 or a bounce from the 50-day SMA to confirm the next directional move.
-MW
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.