Euro rises above 1.0900 during Asian session
2023.11.23 01:55
© Reuters.
The euro experienced a notable increase during Thursday’s Asian trading hours, as it crossed the significant threshold of 1.0900, settling at around 1.0905, representing a 0.16% rise. Despite a quiet trading environment in U.S. financial markets due to Thanksgiving celebrations, anticipation is building for the upcoming release of Eurozone PMI data and the European Central Bank’s (ECB) meeting minutes.
Technical analysis indicates that the pair is gaining momentum, supported by its position above key Exponential Moving Averages (EMAs) and a Relative Strength Index (RSI) that signals bullish market sentiment. These indicators suggest sustained interest from buyers in the forex markets.
Looking ahead, resistance for the euro is anticipated at a junction of technical indicators around 1.0965, with a further significant psychological barrier at exactly 1.1000. Surpassing this level could lead to the currency pair approaching highs seen in August and July.
On the flip side, support for the EUR/USD is initially found at the lower edge of the Bollinger Bands near 1.0870, with additional backing between 1.0850-1.0860. This range aligns with key EMA levels, providing a robust defense against potential declines. If these support levels are breached, there might be a downward movement towards early November peaks.
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