Home EUR/USD Price Analysis: Upside momentum fades below 1.1000
FXStreet News

EUR/USD Price Analysis: Upside momentum fades below 1.1000

  • EUR/USD steps back from one-week top, still above 200-bar SMA.
  • Monthly falling trend line becomes the key immediate upside barrier.
  • Ascending trend line from April 24 adds to the support.

EUR/USD retreats from 1.0996 to currently around 1.0972, down on 0.09% a day, during Wednesday’s Asian session. The pair’s recent pullback takes clues from nearly overbought RSI conditions, coupled with the proximity to important resistance.

That said, the pair can revisit 1.0900 support while 200-bar SMA near 1.0870 could restrict further downside.

If sellers refrain to respect 1.0870 rest-point, a month-old rising support line, at 1.0800 now, could grab the market attention.

On the upside, a sustained break above the falling trend line from May 01, currently near 1.0005, could set the tone for a fresh run-up that challenges a monthly top near 1.1020.

EUR/USD four-hour chart

Trend: Pullback expected


FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.