EUR/USD Price Analysis: Bulls are well-set to poke 1.0955 hurdle
|- EUR/USD renews nine-month high inside short-term rising wedge.
- Nearly overbought RSI conditions suggest limited room towards the north.
- 10-DMA restricts immediate downside, 1.0660 is the key support.
EUR/USD makes round to 1.0900 after rising to a fresh high since April 2022 heading into Monday’s European session.
In doing so, the Euro pair prints a three-day winning streak while staying firmer beyond the 10-DMA. However, the nearly overbought RSI and a 4.5-month-old rising wedge bearish chart formation challenges the buyers as of late.
It’s worth noting that the quote’s latest run-up aims for the April 2022 peak surrounding 1.0935 ahead of targeting the stated wedge’s top-line close to 1.0955.
Though, a successful run-up beyond 1.0955 will defy the bearish pattern and could quickly propel the prices toward the 1.1000 round figure.
In a case where the EUR/USD pair remains firmer past 1.1000, March 2022 peak surrounding 1.1185 will be in focus.
Alternatively, pullback moves remain elusive unless the quote stays above the 10-DMA support of 1.0815.
Following that, the 61.8% Fibonacci retracement level of the EUR/USD pair’s February-September 2022 downturn, around 1.0750, could lure the bears.
It should be observed that the EUR/USD’s weakness past 1.0750 highlights the stated wedge’s lower line, close to 1.0660, a break of which will confirm the bearish chart formation and can reverse the upward trajectory since late September 2022.
EUR/USD: Daily chart
Trend: Limited upside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.