EURUSD Rises Following Cease-Fire Announcement

The EURUSD currency pair experienced a significant increase following the announcement of a cease-fire, which occurred after market close yesterday. Earlier in the trading session, the pair had already begun to show bullish momentum, finding support along an upward-sloping trendline. This support allowed buyers to push the price above both the 100- and 200-hour moving averages, as well as surpassing the 38.2% retracement level from the decline that began on February 10.

The announcement of the cease-fire further fueled the upward movement, enabling the pair to break above previous highs from March 23 and March 10, reaching a peak of 1.1721 during the North American trading session. This rally brought the price into a critical resistance zone, which includes the 50% retracement level at 1.1667, the 200-day moving average at 1.1673, and the 100-day moving average at 1.1685. Following this surge, a corrective pullback found support near the lower end of this resistance cluster, indicating continued strength among buyers.

Currently, the EURUSD is trading around the 100-day moving average, which serves as an important short-term indicator. Maintaining a position above this moving average suggests that the bullish trend remains intact, with potential targets set at the resistance zone between 1.1726 and 1.1741. Conversely, a decline below the 50% retracement level could indicate a loss of momentum and lead to a deeper pullback toward previous breakout levels.

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Source: KLEA News