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Abstract:EUR/USD remains on the front foot, carrying the early breakout of short-term descending trend line.
Upbeat MACD, firmer RSI adds to the bullish bias but a convergence of 200-SMA, 100-SMA will be the key.
Sellers will wait for downside break of 1.1200 for fresh entries.
EUR/USD grinds higher around the weekly top near 1.1270 following a three-day uptrend during the initial Asian session on Wednesday.
The major currency pair gained upside momentum after Mondays upside break of a three-week-old descending resistance line, now support around 1.1205.
The bullish bias then gained support from MACD and RSI to flirt with the 38.2% Fibonacci retracement (Fibo.) level of January 14-28 downside.
Its worth noting that the EUR/USD buyers aim for 50% Fibo. around 1.1300 as an immediate target during the further advances. However, a confluence of the 100-SMA and 200-SMA around 1.1315-20 will be a tough nut to crack for the pair bulls afterward.
Meanwhile, pullback moves remain elusive until staying beyond the resistance-turned-support and 23.6% Fibonacci retracement level near 1.1200.
Following that, the yearly low around 1.1120 and the 1.1100 threshold may lure EUR/USD bears ahead of the April 2020 peak surrounding 1.1020.
EUR/USD: Four-hour chart
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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