EURUSD Sees Increased Buying Activity as Key Support Holds

The EURUSD currency pair is experiencing upward momentum as buyers assert control following a bounce off significant support levels during the European trading session. The pair maintained its position above the 100-hour moving average, which is currently at 1.15447, with the lowest point recorded at 1.15473 just before the North American market opened. This technical support has encouraged buyers to re-enter the market, pushing prices higher.

From a technical standpoint, the bounce off the 100-hour moving average establishes a clear risk level for potential downside movement. The next critical support is the 200-hour moving average, along with an upward sloping trendline near 1.15313. As long as the EURUSD remains above this support cluster, buyers are expected to retain control in the short term. A decline below this zone would indicate a shift in momentum toward sellers.

On the upside, the pair is approaching key resistance levels, starting with the 38.2% retracement level from the February 10 high at 1.1606. Just above this level is a confluence of resistance at 1.16169, where a downward sloping trendline meets a previous swing level. A breakout above this area could signal increased buying momentum, potentially leading to further targets including the March 23 high near 1.1638 and the 50% retracement at 1.1667.

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Source: KLEA News