Despite the modest retreat witnessed at the beginning of the week, EUR/USD remains bullish in the near term. The Relative Strength Index (RSI) indicator on the daily chart stays near 60 and the pair holds comfortably above the 20-day and the 50-day SMA, which are about to make a bullish cross.
On the upside, EUR/USD faces first resistance at 1.0900 (psychological level, static level). If the pair manages to rise above that level and confirms it as support, it could extend its uptrend toward 1.1000 (end-point of the latest uptrend) and 1.1035 (multi-month high set in early February).
EUR/USD’s latest pullback confirmed 1.0800 (psychological level, static level) as support. A daily close below that level could open the door for further losses toward 1.0730 and the 1.0650/60 area, where the 100-day SMA and the Fibonacci 23.6% retracement of the latest uptrend align.
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