On the chart, the MACD and RSI signal lines are both sloping up. Notably, the RSI has not yet entered the overbought zone. Another factor supporting the uptrend is the fact that the price has broken through the confluence between the 21- and 50-day MA (currently around 1.0725 - 1.0730).
Therefore, EUR/USD is fully capable of breaking through the 1.0930 mark as well as the key resistance levels formed since the end of January. The year-to-date high at 1.1033 will be the next hurdle before the price can approach the 61.8% Fibonacci level of the November 2022 - March 2023 price trend (currently around 1.1190)
Meanwhile, if the price falls below the aforementioned 1.0725 - 1.0730 confluence area, the downside momentum cannot be confirmed, especially as the uptrend line (currently located around 1.0630) is acting as a support level. for buying power. In the event that EUR/USD breaks below 1.0630, prices are likely to head towards the March low at 1.0548.
EURUSD long term trend is still bullish. Currently on the h1 chart, the price is at an important resistance area, so today it is possible that the pair will have a deep correction before continuing to move up. Recommended to wait to buy when the price returns to 1.0830, SL: 1.0780, TP: 1.0950
Therefore, EUR/USD is fully capable of breaking through the 1.0930 mark as well as the key resistance levels formed since the end of January. The year-to-date high at 1.1033 will be the next hurdle before the price can approach the 61.8% Fibonacci level of the November 2022 - March 2023 price trend (currently around 1.1190)
Meanwhile, if the price falls below the aforementioned 1.0725 - 1.0730 confluence area, the downside momentum cannot be confirmed, especially as the uptrend line (currently located around 1.0630) is acting as a support level. for buying power. In the event that EUR/USD breaks below 1.0630, prices are likely to head towards the March low at 1.0548.
EURUSD long term trend is still bullish. Currently on the h1 chart, the price is at an important resistance area, so today it is possible that the pair will have a deep correction before continuing to move up. Recommended to wait to buy when the price returns to 1.0830, SL: 1.0780, TP: 1.0950
