- The EUR/USD pair rose on Friday, recording a strong recovery to 1.0485.
- Technical indicators point to strengthening momentum, with the pair approaching short-term resistance.
- The focus turns to whether buyers can maintain momentum above the 1.0500 psychological level.
The EUR/USD pair ended the week on an uptrend, rising 0.66% to settle at 1.0485 on Friday. This move signals a continued recovery, after recent consolidation within a relatively narrow trading range. The pair’s ability to maintain upward pressure highlights growing buyer confidence as it approaches key resistance levels.
Technical readings reflect a strong bullish bias. The Relative Strength Index (RSI) has risen to 62, which is in positive territory and rising sharply, indicating strong buying interest and room for further gains. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram is printing bullish green bars, confirming the increasing bullish momentum and confirming increased demand.
For the immediate outlook, 1.0500 will act as pivotal resistance, with a decisive break above it opening the door to the next target at 1.0530. On the downside, support is located at 1.0450, followed by 1.0420, which could act as a safety net if selling pressures resurface. Traders will watch these levels closely to assess the pair’s ability to maintain its upward trajectory.
Daily chart of EUR/USD
