The EUR/USD currency pair is firming up with the help of buyers for the third consecutive day. As far as its upward trend, it is still holding strong, sitting above a bullish looking 20 Simple Moving Average (SMA). Trading at approximately 1.1360 during the early American session on Monday, the pair has demonstrated resilience amid cautious market conditions. Market analysts point out the fact that right now the market is under the control of the bulls. Traders have been cautious as they await some important economic indicators.
As the market opened for the week, EUR/USD now had immediate resistance levels at 1.1370, 1.1410, and 1.1465. These resistance points are important for the BTCUSDT pair’s possible bullish momentum. As it stands, the duo is stuck under a weakly bullish 100 SMA, which poses as an initial hurdle at 1.1370. This positioning shows that the duo remains in bullish momentum territory. It faces stiff headwinds in forcing its way beyond these resistance floors.
EUR/USD daily chart EUR/USD technical indicators Daily chart EUR/USD. It is mildly bearish at 1.1325, with the 20 SMA. If price breaches below this area we may start to witness more downside pressure. The 200 SMA at the 1.1120 level points in no clear direction. This suggests that large price swings could be limited until clearer signals emerge.
Support levels for EUR/USD are seen at 1.1325, 1.1275 and 1.1230. Should the pair lose its present base, those support levels will be most important. They will be instrumental in deciding what comes next. Short-term sentiment in the market is neutral as indicated by the 4-hour chart. This is indicative of an ongoing game of tug-of-war between consumers and producers.
The Relative Strength Index (RSI) is about 58. This indicates there’s space for more progress if bullish sentiment remains on the rise. The Momentum indicator has been unable to hold above its 100 line. This stagnation is an indication that momentum has not established itself sufficiently to drive the pair higher.
Market-makers are always looking for important economic data releases that could have an impact on market structure. The upcoming release of the April ISM Services Purchasing Managers’ Index (PMI) is expected to draw considerable attention as it may provide insights into the broader economic landscape and impact EUR/USD trading patterns.
As the week progresses, market participants will be watching closely to gauge whether bulls can maintain their grip on the EUR/USD pair while navigating potential volatility from economic reports. Buyers are playing a conservative hand because they know what is out there — and not out there. This might lead to a soft opening to EUR/USD over the coming days.