The euro saw a notable rise during Thursday’s Asian trading hours, as it crossed the significant 1.0900 level to settle around 1.0905, up 0.16%. Despite a quiet trading environment in the U.S. financial markets due to the Thanksgiving holiday, anticipation is building for the upcoming release of Eurozone PMI data and the European Central Bank (ECB) meeting minutes.
Technical analysis indicates that the EUR/USD pair is gaining momentum, supported by its position above key Exponential Moving Averages (EMAs) and a Relative Strength Index (RSI) that signals bullish market sentiment. These indicators point to continued buyer interest in the forex market.
Looking ahead, resistance for the euro is expected to be found at a confluence of technical indicators around 1.0965, with another significant psychological barrier at exactly 1.1000. A break above this level could see the pair approach the highs seen in August and July.
On the other hand, the EUR/USD will find initial support at the lower border of the Bollinger Bands near 1.0870, with additional support between 1.0850-1.0860. This area aligns with key EMA levels and provides a solid defense against potential declines. If these support levels are breached, a downward movement towards the early November highs may occur.
