Bulls break 1.1300 to eye fresh highs
- EUR/USD Climbs Towards 1.1300 After Friday’s Surge
- Mixed Signals from Indicators: MACD Says Buy, RSI Warns of Overbought Conditions
- Upward Trend Confirmed: Key Moving Averages Point to Continued Bullish Momentum, Support Around 1.11–1.1000
The EUR/USD currency pair really took off on Friday, experiencing a strong jump and getting close to the 1.1300 level as European trading wrapped up. Positioned comfortably in the middle of its recent range between 1.1187 and 1.1473, it’s clear that buyers are in charge right now. They’re pushing the pair higher, aiming for new yearly peaks as traders’ appetite for risk comes back into play.
Looking at technical indicators, we’re seeing a pretty bullish picture overall, though there are a couple of things to keep in mind. The Relative Strength Index (RSI) is currently at 75.43, which is getting into overbought territory – suggesting things might be getting a little heated. On the other hand, the MACD indicator is still flashing a definite buy signal. Meanwhile, the Stochastic %K at 74.94 and the Awesome Oscillator at 0.03 are both sitting in neutral territory, hinting that the current momentum might take a breather soon.
Zooming out to the bigger picture, the trend still looks positive, especially with all those moving averages trending upwards. The 20-day Simple Moving Average (SMA) at 1.09102, the 100-day SMA at 1.05556, and the 200-day SMA at 1.07427 all signal ongoing upward pressure. Even shorter-term averages, like the 10-day Exponential Moving Average (EMA) at 1.10273 and the 10-day SMA at 1.09813, are reinforcing this idea of continuing bullish momentum.
For traders watching support levels, keep an eye around 1.11728, 1.1103, and 1.10273. Looking up, if this bullish momentum holds, we could see a push towards the 1.14 level. However, because the market is looking a bit overbought in the short term, we might expect to see a pause or a slight pullback before any further major moves up.
