EUR/USD Price Analysis: Bulls target 1.0700 amid 50-EMA roadblock

• EUR/USD remains sidelined around the key moving average after rising the most in one month.
• Successful bounce off 200-EMA, looming bull cross on MACD keep buyers hopeful.
• Six-week-old horizontal resistance, January’s top challenge Euro buyers.

EUR/USD treads water around 1.0660-70 during Thursday’s sluggish Asian session, after posting the biggest daily jump in a month. In doing so, the major currency pair seesaws around the 50-Exponential Moving Average (EMA).

That said, an impending bull cross on the MACD joins the Euro pair’s successful rebound from the convergence of a 200-EMA and 38.2% Fibonacci retracement of the quote’s run-up from November 2022 to February 2023 keeps the EUR/USD buyers hopeful.

It’s worth noting that a sustained break of the 50-EMA level surrounding 1.0665 could trigger the pair’s jump towards a 1.5-month-old horizontal resistance area near 1.0810.

Following that, the January 2023 peak of around 1.0930 could act as an extra filter towards the north before directing the EUR/USD bulls to the previous monthly top of 1.1033.

On the flip side, a daily closing beneath the 1.0535-30 support confluence, including the 200-EMA and aforementioned Fibonacci retracement level, appears a tough nut to crack for the EUR/USD bears.

Even if the EUR/USD price breaks the 1.0530 support, lows marked during January 2023 and the 50% Fibonacci retracement level, respectively around 1.0480 and 1.0380, could try defending the pair buyers before welcoming the bears.

Overall, EUR/USD remains on the bull’s radar despite the latest inaction. However, the upside room appears limited.

EUR/USD: Daily chart

Trend: Limited upside expected