EUR/USD Price Analysis: Rises to 1.0850; next barrier at upper boundary of triangle
- 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
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