- Analytics
- News and Tools
- Market News
- EUR/USD Price Analysis: Bullish grind towards 1.0600 stays intact
EUR/USD Price Analysis: Bullish grind towards 1.0600 stays intact
- EUR/USD retreats from intraday high within an immediate trend widening pattern.
- Sustained trading beyond 200-HMA, firmer RSI keeps buyers hopeful.
- One-week-old ascending trend line adds to the upside filters before the monthly high.
EUR/USD pares intraday gains inside a bullish megaphone as buyers struggle to extend the previous week’s recovery moves amid a sluggish Asian session on Monday.
Even so, the above-50 status of the RSI (14) joins the major currency pair’s ability to stay beyond the 200-HMA to underpin the bullish bias.
That said, the latest pullback remains elusive until staying beyond the stated megaphone’s support line, near 1.0525.
Also acting as immediate support is an upward sloping trend line from May 13, close to 1.0515, as well as the 200-HMA level of 1.0490.
Meanwhile, 1.0590 and the recent swing high of the 1.0600 may entertain buyers before the weekly resistance line, close to 1.0640 at the latest, will test the upside further.
In a case where EUR/USD remains firmer past 1.0640, the odds favoring the pair’s run-up towards the mid-April low near 1.0755 can’t be ruled out.
EUR/USD: Hourly chart
Trend: Further upside expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
