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The EUR/USD currency pair traded near the 1.1350 level on Wednesday, experiencing a slight retreat after earlier gains in the session. Despite this modest pullback, the pair’s broader bullish trend remains firmly intact, underpinned by the strong alignment of both short- and long-term moving averages. Technical indicators, however, signal a cautious tone, suggesting the current dip may represent a healthy correction within the overarching upward trajectory.
Key support for EUR/USD is found at 1.1265, coinciding with the 20-day Simple Moving Average (SMA), with additional support levels at 1.1258 and 1.1212. On the upside, resistance is encountered near 1.1354, followed by further barriers at 1.1377 and 1.1390. The 100-day and 200-day SMAs, both trending upward, reinforce the long-term bullish outlook, while the 30-day Exponential Moving Average (EMA) at 1.1162 and 30-day SMA at 1.1113 further validate the pair’s upward structure.
Momentum indicators present a mixed picture. The Relative Strength Index (RSI) lingers just below overbought territory, hinting at potential consolidation. The Moving Average Convergence Divergence (MACD) exhibits a slight bearish divergence, while the Commodity Channel Index (CCI) and Bull Bear Power indicators remain neutral. These signals suggest that while the bullish bias persists, the market may be pausing to digest recent gains.
As long as EUR/USD holds above its critical moving averages, the bullish narrative remains robust. Traders should monitor the identified support and resistance levels closely, as the pair’s near-term movements may hinge on its ability to navigate these technical thresholds amidst ongoing consolidation.
