EUR/USD. Price Analysis. Forecast. The EUR/USD Pair Targets the Round Level of 1.1600

[Ben Graham]

As Thursday came to a close, the EUR/USD pair remained in a sideways range, with buyers unable to decisively overcome the round level of 1.1600.

Despite the bullish momentum remaining intact, with oscillators mixed and the RSI (Relative Strength Index) in positive territory, this suggests further consolidation within the current range.

The EUR/USD pair resumed its upward trend after breaching the 20-day simple moving average (SMA) at 1.1570, but it is not yet ready for further growth. When the bulls break above the round 1.1600 level, buyers will face resistance at the 50-day SMA around 1.1622 and the 100-day SMA at levels of 1.1645, with the next resistance being the round level of 1.1700.

Conversely, if the euro drops below 1.1560, where the 9-day EMA is currently situated, the next demand area will be the round level of 1.1500. If prices fall below this level, the next target for the decline will be the November low at 1.1470, set on November 5. After that, the primary support will be the 200-day simple moving average near the mark of 1.1426.

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