- EUR/USD prints a three-day winning streak.
- 10/21-day SMAs restrict immediate upside.
- A two-week-old rising trend line limits short-term declines.
EUR/USD defies Friday’s pullback from key short-term SMAs while trading around 1.0843 amid Monday’s Asian session. In doing so, the pair again aims to confluence the short-term key resistance confluence near 1.0865/70.
Should buyers manage to hold the grip beyond 1.0870, 38.2% Fibonacci retracement of March month downside, near 1.0965, followed by a six-week-old falling trend line around 1.0991, becomes the key.
In a case where the bulls manage to justify their dominance above 1.0991, by clearing 1.1000 round-figure, the monthly high near 1.1020 will be quickly refreshed.
Alternatively, a short-term ascending trend line close to 1.0775 restricts the pairs’ immediate downside.
Given the pair’s inability to cross 1.1000 push the quote towards the sub-1.0775 area, the April monthly low near 1.0727 will be on their radars.
EUR/USD daily chart
Trend: Sideways to positive
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