Eurusd Trades High On Us Data

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Eurusd Trades High On Us Data

Eur/Usd Trades Near 1.0850 As Markets Await Us Data

EUR/USD price action shows fluctuation near the 1.0850 handle as Tuesday's session almost ends. The EUR/USD is supported by the fact that the greenback is experiencing subdued demand.

Amidst all this, the ECB president has also made hawkish comments, which have set a bullish undertone for the EUR/USD. The focus has shifted entirely towards the upcoming US data, as that will impact the EUR/USD's next direction.

Eur/Usd Peaked At 1.0865

From the looks, EUR/USD has found a peak near 1.0866, which was also the 38.2% fib level. This level is also close to the 1.0865 resistance area, making it an even more significant hurdle for the bulls.

On the D1 chart, the EUR/USD also shows no bias towards any direction, but the more significant trend is still bullish. Meanwhile, the technical indicators are also above the midlines.

Another thing that hints at a bullish EUR/USD is that it is printing above the moving averages. Although most of these lines are directionless, they still support the EUR.

That's why it is safe to say that the near-term outlook is bullish for the EUR/USD. A move towards the 4-hour chart shows that the technical indicators are still bullish, which is a good sign for EUR.

The RSI indicator is particularly ticking higher and can be seen near the 65 level. This means there's enough room for the EUR to post further gains and even break the next fib retracement level.

Amidst all of this, the EUR/USD also shows a crossover of the 20-200 SMA on the D1, suggesting that the bulls remain in charge. Additionally, speculative interest also shows that the market mood remains optimistic.

However, any move north will require robust fundamental and technical data as EUR/USD lacks direction. The support levels at 1.0825 and 1.0770 will remain relevant in the near term. Conversely, the 1.0950 and the 1.0865 resistance levels are also appropriate for the EUR bulls.

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