EUR/USD Price Analysis: 100-DMA defends bulls around 1.1450
|- EUR/USD edges higher past-100-DMA, tests pullback from three-month-old horizontal resistance.
- Hidden bullish divergence, sustained trading above 100-DMA keeps buyers hopeful.
- October-November lows add to the upside filters, 50-DMA also tests sellers.
EUR/USD pauses the week-start pullback by stabilizing above 1.1400, taking rounds to 1.1440-50 during the early Asian session on Tuesday.
In doing so, the major currency pair keeps the bounce off the 100-DMA amid a hidden bullish RSI divergence on the daily chart.
A hidden bullish RSI divergence is price-positive formation when the quote makes lower-low but the RSI prints higher lows.
With this, the EUR/USD prices may again battle the immediate hurdle, namely a three-month-old horizontal resistance area near 1.1480-85. However, lows marked during October-November, around 1.1525-30, will challenge the pair buyers afterward.
Alternatively, a daily closing below the 100-DMA level of 1.1420 will direct EUR/USD bears towards the 50-DMA level surrounding 1.1325.
Following that, the previous resistance line from September, close to 1.1300, will restrict the pair’s further downside.
Overall, EUR/USD is up for consolidating losses marked during late 2021.
EUR/USD: Daily chart
Trend: Further upside expected
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