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13 Mar 2023

EUR/USD Price Analysis: Bulls flirt with 1.0730 resistance confluence

  • EUR/USD seesaws around one-month high during a three-day uptrend.
  • Convergence of 50-DMA, 38.2% Fibonacci retracement level challenge buyers.
  • Sustained bounce off 100-DMA, the strongest bullish MACD signal in two months suggest further upside.

EUR/USD bulls take a breather around the 1.0730 resistance confluence after refreshing the one-month during early Monday. In doing so, the Euro pair jostles with a convergence of the 50-DMA and 38.2% Fibonacci retracement level of the quote’s upside from November 2022 to the previous monthly top.

The MACD prints the strongest bullish signal since early January and joins the aforementioned catalysts to keep EUR/USD buyers hopeful.

Additionally, the major currency pair’s successful upside break of a one-month-old descending resistance line, now support around 1.0630, joins the sustained bounce off the 100-DMA level surrounding 1.0540 to favor the EUR/USD bulls.

Even if the Euro bears manage to conquer the 1.0540 support, the low marked so far in March near 1.0525 precedes January’s bottom surrounding 1.0480 to challenge the further downside.

On the flip side, the EUR/USD pair’s daily closing beyond the 1.0730 resistance confluence could quickly direct buyers towards a three-month-old resistance line, near 1.0820 at the latest.

It should, however, be noted that the Euro pair’s run-up beyond 1.0820 may need validation from late January’s swing high of near 1.0930 before challenging the previous monthly top close to 1.1035.

Overall, EUR/USD is likely to rise further but a daily closing beyond 1.0730 could fasten the run-up.

EUR/USD: Daily chart

Trend: Further upside expected

 

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