EURUSD oscillates in a narrow trading zone hovering around the mid-1.0800s.
During the early European session on Friday, the EURUSD pair consolidates in a narrow trading range between 1.0845 and 1.0860. The Euro pair is currently trading at 1.0851, up 0.04% on the day.
Technical Outlook
The pair is trading above the 50- and 100-hour EMAs, while the RSI indicator is above 50.
The pair’s first resistance level is at 1.0900, while 1.0830 serves as an early support level.
The key pair is trading above the 50- and 100-hour Exponential Moving Averages (EMA) on the four-hour chart, indicating the path of least resistance to the upside. It should be noted that the Relative Strength The Relative Strength Index (RSI) is above 50, indicating that further upside is likely.
The EURUSD is facing immediate opposition near a psychological round figure of 1.0900. Any additional buying will result in a rise to the upper boundary of the Bollinger Band at 1.0948. The next upward barrier is at 1.1000 (a round figure and the August 11 high).
A November 16 low of 1.0830, on the other hand, serves as an initial support level for the pair.
The next level of contention will be 1.0800 (round mark), followed by 1.0766 (the 50-hour EMA) and 1.0725 (the bottom boundary of the Bollinger Band).
https://voiceoftraders.com/analysis/us-dollar-is-holding-steady-ahead-of-five-fed-speakers
