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EUR/USD: Bulls May Take Some Time to Eventually Break Through Pivotal Barriers at 1.0930/42

The Euro maintains firm tone and continues to pressure pivotal barriers at 1.0930/42 (top of thick weekly cloud / 50% retracement of 1.2349/0.9535).

Overall picture is bullish as the pair is on track for the fourth straight strong monthly advance, with break of 1.0930/42 and psychological 1.10 barrier to signal continuation of an uptrend from 0.9535 (2022 low) and expose targets at 1.1083 (100WMA); 1.1225 (200WMA) and 1.1274 (Fibo 61.8% of 1.2349/0.9535) in extension.

Although bulls hold grip, the action may take a breather under pivotal barriers, due to headwinds caused by overbought conditions and fading bullish momentum on daily chart.

Dips should provide better buying opportunities and ideally to be contained by rising 10DMA (1.0849), though extended pullback towards 1.0766/62 (Jan 18 trough /20DMA) expected not to be harmful for bulls.

Res: 1.0930; 1.0942; 1.1000; 1.1083.
Sup: 1.0886; 1.0849; 1.0762; 1.0714.

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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