The EUR/USD is demonstrating bullish momentum as it ascends along its newly created ascending support line, indicating a robust recovery. The pair is facing resistance near 1.0940, yet the underlying strength derived from the Fed's recent pause on rate hikes should keet the uptrend intact.
Technical Analysis:
Recent price action has seen EUR/USD challenging the resistance zone, with potential for further gains if it breaks through. The pair's steadfast support around 1.0900 serves as a launchpad for upward movement as a 0,382 fibonacci level, eyeing the crucial 1.1000 level. A definitive cross above this threshold will validate bullish convictions.
Positioning:
Our analysis maintains a bullish bias, with the continuation of the bullish approach as long as the ascending support remains unbreached. A decisive move above the current resistance will offer an attractive entry point for long positions, with the market's response to the Fed's rate decisions as a pivotal influence on the trend.
Technical Analysis:
Recent price action has seen EUR/USD challenging the resistance zone, with potential for further gains if it breaks through. The pair's steadfast support around 1.0900 serves as a launchpad for upward movement as a 0,382 fibonacci level, eyeing the crucial 1.1000 level. A definitive cross above this threshold will validate bullish convictions.
Positioning:
Our analysis maintains a bullish bias, with the continuation of the bullish approach as long as the ascending support remains unbreached. A decisive move above the current resistance will offer an attractive entry point for long positions, with the market's response to the Fed's rate decisions as a pivotal influence on the trend.