EURUSD price remains bullish despite the retracement

After breaking a 10-week high earlier in the day. EURUSD bulls take a breather around 1.0990 in the early hours of the European session on Thursday.

In early Europe, the EURUSD is encountering resistance in extending its rally above the psychological level of 1.1000. The pair is struggling as the US Dollar has paused its decline in anticipation of further weakness in the US PPI data. Next up is Eurozone Industrial Output.

Technical Outlook

As a result, the Euro pair reverses from an ascending resistance line established on March 23 while justifying the overbought RSI conditions. Bullish MACD signals and multiple levels to the south, on the other hand, keep quote buyers optimistic. However, the previous weekly top near 1.0970 appears to be immediate support for EURUSD bears to watch during further downside.

However, the weekly support line and the 200-Hour Moving Average (HMA) near 1.0950 and 1.0910, respectively, could pose a challenge to Euro sellers later on.

In the event that the Euro bears prevail beyond 1.0910, the 1.0900 round figure and an upward-sloping support line should be considered. The last defiance of the pair buyers will be from March 24, close to 1.0860 at press time.

On the other hand, recovery moves must cross the aforementioned three-week-long resistance line, preferably near 1.1010, to reawaken the Euro bulls.

Nonetheless, the yearly high reached in February around 1.1035 may pose a challenge to the Euro pair’s further upside before directing buyers to the late March 2022 peak of around 1.1185.

Despite the recent decline, the EURUSD remains on the bull’s radar.

EURUSD Daily Trends