EUR/USD Price Analysis – Stays at 1.1500 despite recent pullback
Bulls of EUR/USD take a break after a refreshing 2022 peak.
Short-term buyers are protected by the 50-SMA and 200-SMA. Two-week-old support protects upside.
Slow grind to the north: Firmer RSI, slow MACD.
EUR/USD is poised for a fresh upside despite falling from an early Friday morning Asia high of 1.1430 to the yearly average.
After the US’s hot inflation release, the major currency pair rebounded from 50-SMA and crossed the short-term horizontal zone.
However, the support-turned-resistance from January 31, around 1.1505 at the latest, restricted the pair’s upside and pulled it back towards the aforementioned SMA level of 1.1385 by the press time.
The steady MACD/RSI lines above 50.00 will likely cause EUR/USD prices to bounce off the SMA support. If not, the 200-SMA level at 1.1335 will allow for another chance for pair buyers.
A horizontal area of three months around 1.1480-85 was also present to challenge the EUR/USD pair’s short-term upside movements.
The October 2021 bottom around 1.1530 adds to the upside filters.
EUR/USD is bracing for a bumpy ride to the north.
