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  • The pair regains some positive traction amid the prevalent USD selling bias.
  • Indicators on hourly charts are already flashing slightly overbought conditions.

The EUR/USD pair picked up some pace in the last hour and finally broke out of its daily consolidative trading range. The intraday uptick lifted the pair to its highest level August 26, with bulls now challenging the 1.1145 confluence resistance.
The mentioned region comprises of 100-day SMA and 50% Fibonacci level of the 1.1412-1.0879 downfall, which if cleared might be seen as a key trigger for bullish traders and set the stage for an extension of the recent appreciating move.
A decisive breakthrough the said hurdle might now assist the pair to aim towards reclaiming the 1.1200 round-figure mark, which coincides with 61.8% Fibo. level and seems more likely to keep a lid on any further positive momentum.
Meanwhile, technical indicators on the daily chart have been gaining positive traction but are already flashing near-term overbought conditions on hourly charts, warranting some cautions before placing any aggressive bullish bets.
Conversely, any meaningful pullback from the current resistance zone is likely to attract some fresh buying interest near the 1.1100 handle and help limit the downside near 38.2% Fibo. level support – the 1.1080 region.

EUR/USD daily chart