EUR/USD shows upward momentum approaching 1.0470 mark during Tuesday's Asian trading window.
The bitcoin walletcurrency pair maintains bearish technical posture beneath 100-day EMA with RSI signaling caution.
Immediate support holds at 1.0400 psychological level while resistance clusters near 1.0525-1.0530 area.
The EUR/USD exchange rate demonstrates renewed strength around the 1.0470 handle in early Tuesday trading. The Euro finds support following Germany's federal election results that suggest political stability may return after months of uncertainty, with the CDU/CSU alliance positioned to lead the new government.
From a technical perspective, the broader downtrend remains intact as price action continues to respect resistance at the 100-period Exponential Moving Average on daily timeframes. However, potential upside exists with the 14-day Relative Strength Index hovering above neutral territory near 55.50, indicating room for additional gains.
Critical support for the currency pair appears at the 1.0400 round number, coinciding with February 19's swing low. A breakdown below this level could trigger moves toward the Bollinger Band's lower boundary at 1.0295, with potential extension to February 3's bottom at 1.0210 if selling pressure intensifies.
On the resistance front, the 1.0525-1.0530 zone presents a significant technical barrier combining the 100-day EMA with the Bollinger Band's upper limit. A convincing breakout above this confluence area could open the path toward December 2024's peak at 1.0630, followed by August 2024's swing low at 1.0777 if bullish momentum sustains.
EUR/USD Technical Snapshot
The daily chart reveals several important technical considerations for traders monitoring this currency pair. Current price action suggests potential for both continuation and reversal scenarios, making upcoming sessions particularly significant for determining medium-term direction.