EUR/USD retraced recent gains from the previous session, holding near 1.1360 during the Asian session on Wednesday (07/05). Technical analysis on the daily chart continues to show a bullish bias, with the currency pair remaining within an ascending channel pattern.
The EUR/USD pair remains marginally above the nine-day Exponential Moving Average (EMA), signaling strong near-term bullish momentum. The 14-day Relative Strength Index (RSI) is also holding above the 50 mark, further supporting the prevailing bullish bias.
On the upside, the EUR/USD pair could retest the April 21 high of 1.1573 — its highest level since November 2021 — with the next resistance seen near the upper boundary of the ascending channel around 1.1730.
The EUR/USD pair is testing key support at the nine-day EMA near 1.1320, followed by the lower boundary of the ascending channel around 1.1300. A break below this key support zone could erode the bullish bias and open up the door to a move towards the 50-day EMA around 1.1057.
Further downside pressure could weaken the medium-term momentum, potentially extending the decline towards a six-week low of 1.0360, last seen on February 28. (Newsmaker23)
Source: FXstreet
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