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EUR/USD Price Analysis: Moves upward past the 1.0710 level of support

Daniel Rogers

Jan 11, 2023 12:05

 EUR:USD.png

 

During Wednesday's sleepy mid-Asian session, EUR/USD re-establishes its intraday high above 1.0750, extending the day-start recovery. Consequently, the major currency pair demonstrates minor advances within a three-day-old rectangle pattern.

 

The buyers remain hopeful despite the pair's spectacular return from the weekly support line and better RSI (14) levels. The crossing of the 100-HMA below the 200-HMA, also termed as a bull cross, bolsters the upside bias.

 

As a result, the EUR/USD pair is projected to exceed the immediate barrier around 1.0760, which might propel prices towards the May 2022 peak near 1.0785. Nonetheless, the 1.0800 round number and the projected overbought RSI (14) conditions at that level could represent a threat to pair buyers in the future.

 

Should the EUR/USD price move higher than 1.0800, the March 2022 low near 1.0810 might serve as the last line of defense for selling before the psychological 1.1000 level becomes the focal point for bulls.

 

On the other side, an upward-sloping support line from Monday, which was around 1.0735 at the time of writing, precludes immediate EUR/USD decline ahead of the stated rectangle's bottom near 1.0710. Nevertheless, the late-December highs offer impetus to the 1.0710 support level.

 

Even if the price goes below 1.0710, the 100-HMA and 200-HMA may withstand the pair's continuing descent around 1.0645-40.


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