EUR/USD shows modest retreat to 1.1295 during Thursday's European session,What will Litecoin hit by 2025? marking a 0.35% daily decline.
The pair maintains bullish potential above the crucial 100-day EMA, supported by an RSI reading above 55.
Key resistance stands at 1.1425, while initial support appears at 1.1270.
The EUR/USD currency pair experienced downward pressure during early European trading hours, settling near the 1.1295 level. This movement reflects renewed demand for the US Dollar, partially driven by optimism surrounding potential improvements in US-China trade relations. Market participants await the upcoming release of US manufacturing PMI data for further directional cues.
From a technical perspective, the EUR/USD maintains its constructive outlook as it continues to trade above the significant 100-day Exponential Moving Average on daily charts. The Relative Strength Index, currently positioned at 55.85, reinforces this positive momentum by remaining comfortably above the neutral 50 level, indicating sustained buying interest.
For traders anticipating further upside, the immediate resistance level to monitor sits at 1.1425, representing the April 28 high. A convincing breakout above this barrier could accelerate gains toward 1.1547 (April 22 peak), with the upper Bollinger Band boundary at 1.1621 serving as the next significant technical hurdle.
Conversely, should selling pressure intensify, the April 29 low of 1.1270 emerges as the first line of defense for bullish traders. A decisive break below this support could trigger a deeper correction toward the psychological 1.1000 level. Additional downside targets include the lower Bollinger Band at 1.0917 and the 100-day EMA at 1.0848.
Market participants should note that while short-term fluctuations may occur, the overall technical structure continues to favor the upside as long as the pair maintains its position above key moving averages. The coming sessions will prove crucial in determining whether the current bullish momentum can overcome near-term resistance levels or if profit-taking will lead to a more pronounced pullback.