EUR/USD Price Analysis: On the way to 1.1920 resistance confluence
- EUR/USD edges higher around three-week top after four-day uptrend.
- Sustained break of six-week-long resistance line, bullish MACD favor buyers.
- Convergence of 200-day EMA, 61.8% Fibonacci retracement guards immediate upside.
EUR/USD bulls brace for breaking the immediate trading range surrounding 1.1900, also refresh the highest levels since July 06, during early Friday morning in Asia.
In doing so, the major currency pair stays positive for the fifth day in a row while keeping the previous day’s upside break of a descending trend line from June 17.
With the bullish MACD signals backing the resistance breakout, now support, EUR/USD buyers are on the way to battle joint of 200-day EMA and 61.8% Fibonacci retracement (Fibo.) of late March-May upside, near 1.1920.
However, a daily closing beyond 1.1920 could propel the quote’s north-run targeting the 1.1985 hurdle, comprising May’s low and 50% Fibo.
Meanwhile, pullback moves should stay beyond the previous resistance line near 1.1850 to reject short-term EUR/USD bears.
Following that, the monthly low and the yearly bottom, respectively around 1.1750 and 1.1700 will be in focus.
EUR/USD: Daily chart
Trend: Further upside expected