EURUSD has been trading in positive territory for five days in a row above the 1.1000 psychological level.
During the early European session on Wednesday, the EURUSD pair gains traction for the fifth straight day. The US Dollar’s (USD) drop provides some support for the main pair. As of this writing, the EURUSD is trading near 1.1001, up 0.12% for the day.
EURUSD Technical Outlook
The 50-hour EMA is about to cross over the 100-hour EMA.
The initial resistance level is at 1.1065; the initial support level is at 1.0900.
From a technical standpoint, the EURUSD pair’s bullish outlook is intact as the pair continues above the 50- and 100-hour Exponential Moving Averages (EMA) on The daily graph. It’s worth noting that the 50-hour EMA is about to surpass the 100-hour EMA. A significant crossover on the daily chart would validate a Bull Cross, indicating that the path of least resistance for the EURUSD is to the upward.
The major pair’s immediate resistance level is near the upper boundary of the Bollinger Band and a high of 1.1065. The next stumbling block is a high of 1.1150 on July 27. Any additional buying above the latter will cause the price to rise to a psychological round mark of 1.1200.
On the other hand, the first level of support will appear at a high of November 21 and the round mark at 1.0900. Further south, the next negative objective to keep an eye on is the November 17 low of 1.0825. The key level of disagreement is visible at 1.0760. The indicated level is the intersection of the 50-hour and 100-hour EMAs.
Meanwhile, the Relative Strength Index (RSI) is over 50, indicating that further upward movement is likely.
