- EUR/USD advanced during the European session, approaching the 1.0520 level as bullish momentum gained traction.
- The pair surged past the 100-day SMA, rising nearly 1.40% at the week's start, with improving technical indicators.
- Key resistance is positioned around 1.0560, while support lies near 1.0480; failing to sustain above critical levels could trigger selling pressure.
EUR/USD continued its upward trajectory on Tuesday, maintaining a firm stance above a key resistance zone after gaining traction earlier in the session. The pair saw a notable push following the European session, building on its strong start to the week and sustaining bullish momentum. A fresh green bar on the Moving Average Convergence Divergence (MACD) and a moderate uptick in the Relative Strength Index (RSI), now in positive territory, signal improving conditions for buyers.
Bulls successfully drove the pair above the 100-day Simple Moving Average (SMA), securing gains of nearly 1.40% since the beginning of the week. The RSI remains in positive territory, indicating steady buying interest, though it has not yet reached overbought conditions. Meanwhile, the MACD printing fresh green bars reinforces the bullish outlook, though further confirmation is required.
From a technical perspective, immediate resistance is seen near 1.0560, where sellers may attempt to limit further upside. A decisive break above this level could open the door for a move toward the 1.0600 psychological threshold. On the downside, initial support rests at 1.0480, with a drop below this level potentially triggering a pullback toward the 20-day SMA near 1.0450.
