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Analysis of the EUR/USD Price Indicates 1.0930 Is a Crucial Resistance Level for Bulls

Daniel Rogers

Apr 04, 2023 14:39

 EUR:USD.png

 

EUR/USD sustains its week-beginning strength as bulls approach the crucial 1.0930 resistance level, trading near 1.0910 as of early Tuesday press time.

 

In doing so, the EUR/USD pair validates the bullish MACD signals and the ascending RSI (14) line, indicating it is not overbought.

 

The Euro pair's effective trading beyond the convergence of the 21-DMA and the 50-DMA, around 1.0730-25 at the time of publication, strengthens the bullish outlook.

 

As a result, EUR/USD purchasers are likely to surmount the critical resistance area comprised of multiple levels marked since late January 2023.

 

The Year-to-Date (YTD) high of 1.1033 could act as a further filter to the north before directing EUR/USD investors to the 61.8% Fibonacci Expansion (FE) of its November 2022 to March 2023 moves near 1.1190.

 

It should be noted that the psychological magnetism of 1.000 can also be used to verify Euro-Pair purchasers.

 

In the interim, a downside break of the aforementioned DMA confluence near 1.0730-25 is not an open invitation to the EUR/USD bears, as an ascending support line from September 2022, close to 1.0630 at the absolute minimum, could act as the buyers' last line of defense.

 

A decline to the previous monthly low of 1.0548 cannot be ruled out if the Euro-U.S. dollar exchange rate remains below 1.0630.

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