EUR/USD Price Analysis: Rises to 1.0850; next barrier at upper boundary of triangle
Source Fxstreet
- The EUR/USD pair could retest the upper boundary of the ascending triangle, followed by a key level of 1.0900.
- Based on a technical analysis of the daily chart, there appears to be a bullish bias for the pair.
- Immediate support is observed at the 21-day EMA at 1.0819, followed by the psychological level of 1.0800.
EUR/USD extends its gains for the third straight day, trading around 1.0850 during the Asian session on Monday. A technical analysis of a daily chart suggests a bullish bias for the pair, as it moves upward within the ascending triangle. Additionally, the momentum indicator 14-day Relative Strength Index (RSI) is positioned above the 50 level, confirming a bullish bias.
The EUR/USD pair could retest the upper boundary of the ascending triangle, followed by the psychological level of 1.0900. A breakthrough above the latter could support the pair to explore the region around March’s high of 1.0981.
On the downside, immediate support is seen at the 21-day Exponential Moving Average (EMA) at 1.0819, followed by the psychological level of 1.0800 nearing the lower threshold of the ascending triangle.
If the EUR/USD pair breaks below the lower boundary of the ascending triangle, it could face downward pressure, potentially descending toward the vicinity of the notable level of 1.0700. Additional support is likely to be found at the throwback support level around 1.0601.
EUR/USD: Daily Chart
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
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Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
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