EURUSD portrays bullish exhaustion, focus on 1.0960 and US data
EURUSD is seeing its first daily gains in three days as buyers gear up to tackle key resistance levels ahead of upcoming US employment data. Supported by positive RSI indicators and bullish MACD signals, the Euro pair aims to extend its recent uptrend towards a 13-month-old descending resistance line around 1.0950. Beyond this, it targets the upper boundary of a bullish channel stretched from April, near 1.0960. Breaking above these levels could pave the way for a challenge of the psychological barrier at 1.1000, with potential further gains towards the late 2023 peak near 1.1140.
On the downside, June’s peak at approximately 1.0915 and the 1.0900 mark, along with the 50% Fibonacci retracement level near 1.0860, act as immediate support. Deeper declines might find additional footing near the 100-day Simple Moving Average (SMA) around 1.0790 and the 38.2% Fibonacci retracement level near 1.0765. Euro buyers maintain optimism unless there is a daily close below the bullish channel’s lower boundary near 1.0700.
Overall, while EURUSD bulls show signs of slowing down, bearish momentum is muted, even if US economic data boosts the US Dollar.
