EURUSD pushed higher on Thursday
Updated
EURUSD pushed higher on Thursday after bouncing off technical support at 1.0725, with prices challenging a key ceiling near 1.0790, where the 50-day and 200-day simple moving averages intersect. If this barrier fails to contain buyers, the next stop is likely to be trendline resistance at 1.0810. On further strength, we could see a move towards a major Fibonacci threshold at 1.0865.
Conversely, should the market undergo a reversal and pullback, initial support emerges at 1.0725, followed by 1.0695. Vigorous defense of this floor is crucial for bulls to stave off a more significant drop; failure to do so could pave the way for a descent towards 1.0645. Subsequent losses may bring into play the April lows at 1.0600.
Conversely, should the market undergo a reversal and pullback, initial support emerges at 1.0725, followed by 1.0695. Vigorous defense of this floor is crucial for bulls to stave off a more significant drop; failure to do so could pave the way for a descent towards 1.0645. Subsequent losses may bring into play the April lows at 1.0600.
Note
Technically, EUR/USD is approaching the lower boundary of the symmetrical triangle pattern on the daily chart, formed from the December 28 high around 1.1140. The upper boundary of the pattern is drawn from the October 3 low at 1.0448.Note
Note
EURUSD broke through and is still holding above the important 200 EMA resistance mark at 1.0800 after the US April PPI data was released.The pair is still reacting to the upper boundary of the symmetrical triangle pattern formed on the daily chart. This border is drawn from the high on December 28 around 1.1140, whereas the lower border comes from the low on October 3 at 1.0448.
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