EUR/USD BREAKS ABOVE 50% MIDPOINT, EYES NEXT RESISTANCE LEVELS
EUR/USD BREAKS ABOVE 50% MIDPOINT, EYES NEXT RESISTANCE LEVELS
EUR/USD edges higher, breaking above the 50% midpoint of the range since the September 2022 low (1.04053).
The pair has been oscillating around this midpoint over the past five trading days.
After the FOMC decision, EUR/USD dropped to a low of 1.0343, near the November low of 1.03322.
Strong buying interest has lifted the pair back higher, stalling at 1.0448-1.0461 resistance area.
Modest resistance at 1.0424 and the falling 200-hour moving average at 1.04384.
100-hour moving average at 1.03976 acts as a pivot; a move below it could shift the bias downward.
The pair’s near-term direction depends on maintaining gains above the midpoint and challenging resistance levels.
