Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

Analysis

Currencies

EUR/USD Price Analysis: Posts Fresh Five-month High Near 1.1120 Ahead of US Data

FXStreet

Updated

Reviewed by

Mitrade

Source: DepositPhotos

■ EUR/USD rises toward the major resistance at the 1.1150 level.

■ Technical indicators suggest a bullish momentum to reach the psychological level of 1.1200.

■ The psychological level of 1.1100 could act as key support following the seven-day EMA at 1.1041.

EUR/USD maintains its winning streak, with the Euro (EUR) gaining ground against the subdued US Dollar (USD). This trend is likely influenced by the anticipated dovish stance of the US Federal Reserve (Fed) on the interest rate trajectory. The EUR/USD pair trades around the 1.1110 level during the Asian session on Thursday.

The Moving Average Convergence Divergence (MACD) signals an overall positive momentum for the EUR/USD pair. The MACD line's position above the centerline and the divergence above the signal line indicates a bullish sentiment.

This positive momentum could inspire bulls of the EUR/USD pair to aim for a breakthrough above the five-month high at 1.1122. If successful, it may pave the way for the EUR/USD pair to explore major resistance at 1.1150, following the next significant level at the psychological level of 1.1200.

In addition to the positive momentum indicated by the MACD, the lagging indicator 14-day Relative Strength Index (RSI) positions above the 50 mark. This suggests a confirmation of the potential upward trend in the EUR/USD pair.

On the downside, the EUR/USD pair could find support at the psychological level of 1.1100, following the seven-day Exponential Moving Average (EMA) at 1.1041. A break below the EMA could lead the pair to test the psychological support region around 1.1000, further navigating towards the region around the 23.6% Fibonacci retracement level at 1.0964.

EUR/USD Daily Chart, Source: FXStreet

* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

Do you find this article useful?

EUR/USD flubs attempt to recapture 1.11, closes flat on Friday EUR/USD kicked back into the 1.1100 handle on Friday, before market forces weighed on the Euro once again and returned Fiber to the day’s opening bids.

Author FXStreet

Sep 14, Sat

EUR/USD kicked back into the 1.1100 handle on Friday, before market forces weighed on the Euro once again and returned Fiber to the day’s opening bids.

EUR/USD Price Forecast: Flirts with descending channel resistance, just below 1.1100 mark The EUR/USD pair builds on the previous day's goodish recovery move from the 1.1000 psychological mark, or a nearly four-week low and attracts some follow-through buyers for the second straight day on Friday.

Author FXStreet

Sep 13, Fri

The EUR/USD pair builds on the previous day's goodish recovery move from the 1.1000 psychological mark, or a nearly four-week low and attracts some follow-through buyers for the second straight day on Friday.

ECB Cuts Rates; Fed May Lower by 100 bps: Is the Euro More Resilient?TradingKey - The European Central Bank (ECB) has cut rates by 25 bps, as anticipated. The market expects an additional 36 bps of cuts from the ECB this year, while the Fed is projected to lower rates by

Author Mitrade

Sep 13, Fri

TradingKey - The European Central Bank (ECB) has cut rates by 25 bps, as anticipated. The market expects an additional 36 bps of cuts from the ECB this year, while the Fed is projected to lower rates by

EUR/USD hangs near multi-month low, defends 1.1000 mark ahead of ECB meeting The EUR/USD pair struggles to gain any meaningful traction during the Asian session on Thursday and oscillates in a narrow band, just above the 1.1000 psychological mark, or a four-week low touched the previous day.

Author FXStreet

Sep 12, Thu

The EUR/USD pair struggles to gain any meaningful traction during the Asian session on Thursday and oscillates in a narrow band, just above the 1.1000 psychological mark, or a four-week low touched the previous day.

BoJ’s Tamura: Don't have preset idea on pace of further rate hikes The Bank of Japan (BoJ) board member Naoki Tamura is back on the wires on Thursday, noting that “don't have a preset idea on the pace of further rate hikes,” when asked whether the BoJ could raise rates again by year-end, or March end of the current fiscal year.

Author FXStreet

Sep 12, Thu

The Bank of Japan (BoJ) board member Naoki Tamura is back on the wires on Thursday, noting that “don't have a preset idea on the pace of further rate hikes,” when asked whether the BoJ could raise rates again by year-end, or March end of the current fiscal year.

Real-time Quote