Technical Analysis – EURUSD holds bullish bias but strong resistance at 1.1150
EURUSD pulls back up off 1.1000
Price surpasses 20-day SMA
Technical oscillators tick north
EURUSD has gained ground over the last few days, especially after the rebound off the 1.1000 round number, and it managed to hold above the 20-day simple moving average (SMA) and re-enter the 1.1100 area, with the technical indicators feeding prospects for a possible positive short-term trading. The RSI holds above 50, while the stochastic continues to strengthen its upside move.
If 1.1150 proves easy to get through, the spotlight will shift to the 13-month high of 1.1200. On top of that, the bulls would need to clear the 1.1275 resistance level, achieved in July 2023.
If the price fails to overcome the 1.1150 barrier, it may head south towards the 1.1000 support; a challenging point over the past year. The 50-day SMA at 1.0980 could provide the next lower support, and a decisive close below this line could trigger a steeper sell-off towards 1.0950.
In the medium term, EURUSD remains bullish, and any climbs above 1.1200 may turn the outlook brighter. However, a slide beneath the short- and long-term ascending trend lines around 1.0750 could change the bias to bearish.Related Assets
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