EUR/USD Price Analysis: Holds Positive Ground Above 1.1000, Bull Cross Eyed

Image Source: 

EUR/USD trades in positive territory for five straight days above the 1.1000 psychological mark.

The 50-hour EMA is on the verge of crossing above the 100-hour EMA.

The immediate resistance level is located at 1.1065; the initial support level will emerge at 1.0900.

The EUR/USD pair gains traction for the fifth consecutive day during the early European session on Wednesday. The decline of the US Dollar (USD) lends some support to the major pair. As of writing, EUR/USD is trading near 1.1001, gaining 0.12% on the day.

From the technical perspective, the bullish outlook of the EUR/USD pair remains intact as the pair holds above the 50- and 100-hour Exponential Moving Averages (EMA) on the daily chart. It’s worth noting that the 50-hour EMA is on the verge of crossing above the 100-hour EMA. If a decisive crossover occurs on the daily chart, it would validate a Bull Cross, highlighting that the path of least resistance for EUR/USD is to the upside.

The immediate resistance level for the major pair is located near the upper boundary of the Bollinger Band and a high of October 8 at 1.1065. The next hurdle is seen at a high of July 27 at 1.1150. Any follow-through buying above the latter will see the rally to a psychological round mark of 1.1200.

On the flip side, the initial support level will emerge at a high of November 21 and the round mark at 1.0900. Further south, the next downside target to watch is a low of November 17 at 1.0825. The key contention level is seen at 1.0760. The mentioned level is the confluence of the 50-hour EMA and the 100-hour EMA.

Meanwhile, the Relative Strength Index (RSI) stands in bullish territory above 50, indicating that further upside looks favorable.EUR/USD daily chart EUR/USD

OVERVIEW Today last price 1.1002 Today Daily Change 0.0014 Today Daily Change % 0.13 Today daily open 1.0988

 

TRENDS Daily SMA20 1.0806 Daily SMA50 1.0666 Daily SMA100 1.0792 Daily SMA200 1.0814

 

LEVELS Previous Daily High 1.1009 Previous Daily Low 1.0934 Previous Weekly High 1.0965 Previous Weekly Low 1.0852 Previous Monthly High 1.0695 Previous Monthly Low 1.0448 Daily Fibonacci 38.2% 1.0981 Daily Fibonacci 61.8% 1.0963 Daily Pivot Point S1 1.0946 Daily Pivot Point S2 1.0903 Daily Pivot Point S3 1.0871 Daily Pivot Point R1 1.102 Daily Pivot Point R2 1.1052 Daily Pivot Point R3 1.1095

More By This Author:USD/JPY Tumbles To 147.00, Eyes On The US GDP Data GBP/USD Surges As Dovish Fed Comments Weaken U.S. Dollar Silver Price Analysis: XAG/USD Bulls Have The Upper Hand, Remains On Track To Conquer $25.00