• EUR/USD traded near the 1.08 mark after Monday’s European trading session, just slightly pulling back within its established daily range.
• Despite this minor dip today, the currency pair still maintains a bullish outlook, bolstered by its longer-term moving averages.
• Keep an eye on the 1.0730 area for support. For the pair to regain upward momentum, it will need to break back above the 1.0830–1.0840 range.

After the close of European markets on Monday, the EUR/USD pair saw a slight dip, settling near the 1.08 level and remaining contained within its typical daily fluctuations. While the short-term price movements suggest a slightly bearish feel for the day, the bigger picture technical indicators continue to hint at solid bullish support, especially when looking at longer-term trends. Interestingly, the MACD indicator has just flashed a new sell signal, but the broader context still seems to favor buyers, as both the 100-day and 200-day simple moving averages are still pointing upwards.

Daily chart

A glance at the short-term technical picture reveals a bit of a mixed bag. The 14-period Relative Strength Index (RSI) is currently at 57.6, sitting comfortably in neutral territory. Similarly, the Stochastic oscillator is also in a neutral stance around 35.5. However, it’s worth noting that exponential moving averages still look encouraging: the 10-day EMA at 1.0811 and the 30-day EMA at 1.0723 are both trending upwards, suggesting that buyers might still be in control if the pair manages to hold above crucial support levels.

Looking at support, the immediate level to watch is around 1.0793, followed by 1.0773, and then the 200-day SMA which is hovering around 1.0730. This 200-day SMA area is shaping up to be a key floor that bulls will want to defend. Turning to resistance, potential hurdles appear around 1.0811, 1.0823, and 1.0828 – these are levels that the EUR/USD needs to overcome to reignite stronger bullish momentum. In conclusion, the overall outlook for EUR/USD leans towards cautious bullishness. Nevertheless, we might continue to see some choppy price action in the short term as the pair consolidates around the mid-1.08 levels.