- EUR/USD trades in positive territory for five straight days above the 1.1000 psychological mark.
- The 50-hour EMA is on the verge of crossing above the 100-hour EMA.
- The immediate resistance level is located at 1.1065; the initial support level will emerge at 1.0900.
The EUR/USD pair gains traction for the fifth consecutive day during the early European session on Wednesday. The decline of the US Dollar (USD) lends some support to the major pair. As of writing, EUR/USD is trading near 1.1001, gaining 0.12% on the day.
From the technical perspective, the bullish outlook of the EUR/USD pair remains intact as the pair holds above the 50- and 100-hour Exponential Moving Averages (EMA) on the daily chart. It’s worth noting that the 50-hour EMA is on the verge of crossing above the 100-hour EMA. If a decisive crossover occurs on the daily chart, it would validate a Bull Cross, highlighting that the path of least resistance for EUR/USD is to the upside.
The immediate resistance level for the major pair is located near the upper boundary of the Bollinger Band and a high of October 8 at 1.1065. The next hurdle is seen at a high of July 27 at 1.1150. Any follow-through buying above the latter will see the rally to a psychological round mark of 1.1200.
On the flip side, the initial support level will emerge at a high of November 21 and the round mark at 1.0900. Further south, the next downside target to watch is a low of November 17 at 1.0825. The key contention level is seen at 1.0760. The mentioned level is the confluence of the 50-hour EMA and the 100-hour EMA.
Meanwhile, the Relative Strength Index (RSI) stands in bullish territory above 50, indicating that further upside looks favorable.
EUR/USD daily chart
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD struggles near multi-month low below 0.6500 after Aussie jobs report
AUD/USD hangs near its lowest level since August 6 below the 0.6500 level following the release of rather unimpressive Australian employment details for October. Meanwhile, RBA Governor Michele Bullock said earlier on that interest rates were restrictive enough and will not rise any further.
USD/JPY briefly pops 156.00 on firmer US Dollar
USD/JPY holds firm near its highest level since July 24, having briefly popped 156.00 in the Asian session on Thursday. The continuation of the Trump trade lifts the US Dollar to yearly highs while Japan's stimulus plans fail to inspire the Yen. Traders watch out for any Japanese internvetion risks.
Gold downside appears unabated, with eyes on Fed Chair Powell
Gold price is sitting at its lowest level in two months near $2,560 early Thursday, as buyers eagerly await US Federal Reserve Jerome Powell’s speech for a brief respite.
XRP's open interest drops over 10% amid struggles near $0.7440 resistance
Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.