EURUSD remained subdued late in the week, unable to sustain its upward momentum after Wednesday’s bullish breakout, with the exchange rate seesawing but holding steady above 1.0865. Bulls need to keep prices above this area to prevent a resurgence of sellers; failure to do so could result in a pullback toward 1.0810/1.0800.
On the other hand, if buying momentum resurfaces and the pair moves higher again, overhead resistance can be spotted near 1.0980, a key technical barrier defined by the March swing high. Should the pair continue to strengthen beyond this point, buyers might gain confidence and target 1.1020, a dynamic trend line extending from the 2023 peak.
On the other hand, if buying momentum resurfaces and the pair moves higher again, overhead resistance can be spotted near 1.0980, a key technical barrier defined by the March swing high. Should the pair continue to strengthen beyond this point, buyers might gain confidence and target 1.1020, a dynamic trend line extending from the 2023 peak.
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On the daily time frame, EURUSD reversed below the 1.0880 resistance, coinciding with the upper border of the descending channel. If the price maintains its bearish momentum with a bearish break of the 1.0780 support, the price could fall further towards the 1.0650 support. Conversely, if the price breaks out of the descending channel and the 1.0880 resistance to the upside (bullish breakout), it could push the next potential resistance level at 1.1000 further. The RSI indicator is fluctuating near the overbought zone, suggesting that the potential for further price increases is limited.
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