After this week’s climb, EUR/USD is currently facing a pivotal hurdle at 1.0930: a descending trendline in play since May 2021 that has acted as resistance multiple times over its lifespan. Price reaction at this technical juncture will be key, with a topside breakout setting the stage for a retest of the 2023 highs at 1.1033. On further strength, the focus shifts to the psychological 1.1200 handle.
On the flip side, if sellers manage to regain control of the market and trigger a bearish reversal from current levels, initial support rests at 1.0730, near the 50-day simple moving average as shown in the chart included in this article. Below this area, the next floor of interest, which lies around 1.0620, corresponds to a short-term rising trendline extended of the September 2022 lows.
On the flip side, if sellers manage to regain control of the market and trigger a bearish reversal from current levels, initial support rests at 1.0730, near the 50-day simple moving average as shown in the chart included in this article. Below this area, the next floor of interest, which lies around 1.0620, corresponds to a short-term rising trendline extended of the September 2022 lows.
