EURUSD trended lower on Thursday

EURUSD trended lower on Thursday after an unsuccessful attempt to clear the resistance at 1.0725, with prices moving back towards the 1.0700 handle. Traders should closely monitor this support area in the coming days, as a break below it could trigger a pullback towards 1.0645 and potentially even 1.0600.

In the event of a bullish reversal from current levels, the first technical ceiling worth keeping an eye on in the near term is situated at 1.0725, followed by 1.0755. Further upward momentum will draw attention to the 1.0800 zone, where the 50-day and 200-day simple moving averages currently intersect.

Comment:

EUR/USD extended its bullish streak into the fourth trading session, but is still trading within Friday's range so can be considered sideways for the time being. The short-term outlook for this pair remains positive as it is trading above the 20 EMA at 1.0730.

Comment:

Comment:

Technically, EUR/USD is approaching the lower boundary of the symmetrical triangle pattern on the daily chart, formed from the December 28 high around 1.1140. The upper boundary of the pattern is drawn from the October 3 low at 1.0448.

Comment:

EURUSD broke through and is still holding above the important 200 EMA resistance mark at 1.0800 after the US April PPI data was released.
The pair is still reacting to the upper boundary of the symmetrical triangle pattern formed on the daily chart. This border is drawn from the high on December 28 around 1.1140, whereas the lower border comes from the low on October 3 at 1.0448.