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EUR/USD Price Analysis: Bullish bias remains intact despite pullback targeting 1.0970

HFM | 2023-04-13 17:48

Abstract：EUR/USD bulls take a breather around 1.0990 amid the initial hours of the European session on Thursday, after refreshing a 10-week top earlier in the day.

• EUR/USD grinds near intraday low after refreshing 2.5-month high.

• Overbought RSI backs Euro pairs pullback from three-week-old resistance line.

• Previous weekly top restricts immediate downside, 1.0860 is the key support.

EUR/USD bulls take a breather around 1.0990 amid the initial hours of the European session on Thursday, after refreshing a 10-week top earlier in the day.

In doing so, the Euro pair takes a U-turn from an ascending resistance line from March 23 while justifying the overbought RSI conditions. However, bullish MACD signals and multiple levels towards the south keep the quote buyers hopeful.

That said, the previous weekly top surrounding 1.0970 appears immediate support for the EUR/USD bears to watch during further downside.

However, the weekly support line and the 200-Hour Moving Average (HMA), respectively near 1.0950 and 1.0910, could challenge the EUR/USD sellers afterward.

In a case where the EUR/USD bears dominate past 1.0910, the 1.0900 round figure and an upward-sloping support line from March 24, close to 1.0860 by the press time, will be the last defense of the pair buyers.

On the flip side, recovery moves need to cross the aforementioned three-week-long resistance line, near 1.1010 at the latest, to recall the EUR/USD bulls.

Even so, the yearly high marked in February around 1.1035 could challenge the Euro pairs further upside before directing the buyers towards the late March 2022 peak of around 1.1185.

Overall, EUR/USD remains on the bulls radar despite the latest retreat.

EUR/USD: Hourly chart

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