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EUR/USD Price Analysis: Bulls Target 1.0930 As a Critical Resistance Level
After a positive start to the NFP week, the EUR/USD steadily climbs. The combination of bullish MACD signals and an ascending RSI (14) line maintains purchasers optimistic about overcoming the 10-week-old horizontal resistance. A confluence of short-term DMAs and an ascending trend line from September challenge Euro skeptics.
EUR/USD maintains its week-opening strength as bulls near the crucial 1.0930 resistance, around 1.0910 as of early Tuesday's press time.
In doing so, the EUR/USD pair justifies the bullish MACD signals and the upward-sloping RSI (14) line, indicating that it is not overbought.
The Euro pair's successful trading beyond the convergence of the 21-DMA and the 50-DMA, around 1.0730-25 as of press time, bolsters the bullish outlook.
As a consequence, EUR/USD buyers are likely to overcome the critical resistance area consisting of multiple levels that have been marked since late January 2023.
The Year-to-Date (YTD) high of 1.1033 may operate as an additional 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 magnet of 1.000 may also verify the purchasers of the Euro-Pair.
In the meantime, 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 very latest, could act as the purchasers' last line of defense.
If the Euro-U.S. dollar exchange rate remains below 1.0630, a decline to the previous monthly low of 1.0548 cannot be ruled out.
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