- EUR/USD grinds higher around the weekly top, pokes key resistance confluence.
- Previous support line from July, three-week-old resistance line constitute immediate hurdle.
- The year 2001 high, descending support line from May challenge bears.
- Looming bull cross on the MACD, steady RSI favor buyers.
EUR/USD jostles with the key 0.9830 resistance confluence as bulls struggle to defend the first weekly gains in three during Friday’s Asian session.
In doing so, the major currency pair battles the four-month-old support-turned-resistance, as well as the downward sloping resistance line from September 13.
It should be noted, however, that the impending bull cross on the MACD and steady RSI (14) favor the buyers.
That said, a clear upside break of the 0.9830 hurdle will propel the EUR/USD prices towards the 50-DMA, around 1.0035 by the press time. Also acting as the upside filters is the 1.0000 parity level and the monthly high near 1.0200.
Meanwhile, the pair’s pullback moves may initially aim for the 10-DMA support near 0.9795 before targeting the 0.9690-75 support area.
Following that, the year 2001 peak and the latest bottom, respectively around 0.9600 and 0.9535, could challenge the bears.
If at all the EUR/USD pair remains weak past 0.9535, the downward sloping support line from May, near 0.9455, will be in focus.
EUR/USD: Daily chart
Trend: Further upside expected
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