EUR/USD bullish but needs to build on this week's momentum so far - ForexLive

EUR/USD weekly chart

The euro is sitting in a good spot against the dollar, holding that push above 1.1000 once again this week while keeping above the 100-day moving average (red line) on the weekly chart above. Buyers are looking poised but to justify a further breakout, there is more work to be done.

The recent highs around 1.1090-95 remain a bit of an annoyance before any clear path towards 1.1200 next. The 200-week moving average (blue line) will also be a focus point on any break higher, and that comes in around 1.1194 at the moment.

While the euro benefited from the dollar's struggles after the Fed yesterday, a sense of broader risk aversion in markets may not be helpful especially if we start to revert back to the dollar smile theory. I talked about that a little here earlier.

But at the same time, the technicals are also a key point to focus on currently and there is little doubt that the euro is looking poised and bullish against the dollar right now.

The ECB will offer one final hurdle for the single currency and if we do catch a break above 1.1100, it should be a relatively quick jump towards 1.1200 next unless market sentiment sours considerably before the weekend.

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2023-05-04 07:26:00Z
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