EUR/USD: Poised to break the key 1.10 psychological mark

The EUR/USD near-term technical set-up now seems tilted firmly in favour of bullish traders, according to FXStreet’s analyst Haresh Menghani.

Key quotes

“EUR/USD already seems to have found acceptance above an important confluence resistance comprising of 50-day SMA and 38.2% Fibonacci level of the 1.0638-1.1147 recent positive move.” 

“A subsequent strength beyond the 1.10 mark, towards challenging the very important 200-day SMA near the 1.1055-60 region, now looks a distinct possibility.” 

“On the flip side, the mentioned resistance break-point, around the 1.0950-40 region, now seems to protect the immediate downside, which if broken might prompt some technical selling.”