EURUSD Bull Run Hits $1.06 Barrier: What’s Next?

FxNews—EUR/USD bullish momentum from $1.033 resulted in the prices shifting above the 75-period simple moving average. However, the uptrend eased after the currency pair neared the $1.06 critical resistance.

EUR/USD Technical Analysis - 6-December-2024
EUR/USD Technical Analysis – 6-December-2024

EURUSD Technical Analysis

This surge in the euro’s value drove the Stochastic Oscillator into the overbought territory, where the indicator depicts 86 in the description. This means EUR/USD is overbought, and the market has the potential to reverse or consolidate at the current price, which is $1.057.

EURUSD Bull Run Hits $1.06 Barrier: What’s Next?

EURUSD Bull Run Hits $1.06 Barrier: What's Next?
EURUSD Bull Run Hits $1.06 Barrier: What’s Next?

The immediate support is $1.052, backed by the 75-period SMA and the ascending trendline. From a technical perspective, the downtrend will likely resume if EUR/USD declines below this level. In this scenario, the next bearish target could be the $1.043.

Please note that the bearish outlook should be invalidated if the EUR/USD prices exceed $1.06. If this scenario unfolds, the current bullish momentum could extend to $1.066, a resistance area backed by the 38.2% Fibonacci level.

Latest Posts

Bitcoin Analysis: Technical, Fundamental & News

Discover the latest Bitcoin analysis with our expert insights....

GBPUSD Analysis: Technical, Fundamental & News

Discover the latest GBPUSD analysis with our expert insights....

EURUSD Analysis: Technical, Fundamental & News

Discover the latest EURUSD analysis with our expert insights....

EURUSD began consolidating from 1.017: rose 0.85%

EURUSD began consolidating from 1.017 and rose 0.85%, trading...

Litecoin Gained 7.1%: What’s the Next Target?

Litecoin gained 7.1%, marching slowly toward $100.0. The uptrend...

Gold Exceeded $2665: Now Overbought!

Gold exceeded $2665 resistance. However, robust buying pressure made...

Bullish Symmetrical Triangle Signals NATGAS Breakout

NATGAS trades sideways in a low-momentum market inside the...

Crude Oil Holds at $72.8 After Initial Price Dip

Crude Oil price dipped from $75.24, testing the %50.0...

Gold Stays Below $2665 Ahead of US Economic Data

On Monday, the price of gold remained below $2,665...

US Gasoline Futures Hit $2.07 Amid Oil Surge Amid Oil Surge

Gasoline futures in the US have climbed past $2.03...

NATGAS Dips 14% Amid Low Storage Draws

Natural gas prices in the U.S. fell sharply by...

WTI Crude Slips From $74 as Dollar Strengthens

Crude oil prices for West Texas Intermediate (WTI) dipped...

NATGAS is Hit $4 As the Year Ends

NATGAS hit $4.0, trading in a robust uptrend. The...