EUR/USD failed to capitalize on its intraday spike to the highest level since early April. The set-up favours bulls and supports prospects for the emergence of some dip-buying. A daily close above multi-week-old trading range needed to confirm a bullish breakout. The EUR/USD pair rallied nearly 100 pips from an intraday low level of 1.0934 and jumped to the highest level since early April. Bulls, however, struggled to capitalize on the momentum or find acceptance above the very important 200-day SMA. The pair quickly retreated around 40-50 pips from the daily swing high. Slightly overbought conditions on the 1-hourly chart seemed to be the only factor that might have prompted some selling at higher levels amid a goodish pickup in the USD demand. The pair was last seen trading just below the key 1.1000 psychological mark, around the top end of a multi-week-old trading range. A daily close above the mentioned barrier will confirm a near-term bullish breakout and set the stage for additional gains. Meanwhile, technical indicators on the daily chart have just started moving into the bullish territory and support prospects for the emergence of some dip-buying. Hence, any subsequent pullback towards the 1.0950-40 region might still be seen as a buying opportunity. The pair seems all set to surpass an intermediate resistance near the 1.1060 region and aim towards reclaiming the 1.1100 round-figure mark. The momentum could further get extended towards late-March swing highs resistance near the 1.1145-50 supply zone. EUR/USD daily chart Technical levels to watch 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. View All Post By FX Street FXStreet News share Read Next Fed’s Williams: May or June could be low point for economy FX Street 3 years EUR/USD failed to capitalize on its intraday spike to the highest level since early April. The set-up favours bulls and supports prospects for the emergence of some dip-buying. A daily close above multi-week-old trading range needed to confirm a bullish breakout. The EUR/USD pair rallied nearly 100 pips from an intraday low level of 1.0934 and jumped to the highest level since early April. Bulls, however, struggled to capitalize on the momentum or find acceptance above the very important 200-day SMA. The pair quickly retreated around 40-50 pips from the daily swing high. Slightly overbought conditions on the 1-hourly chart… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
