EUR/USD is continuing its upward momentum towards the upper boundary of the descending channel around the 1.0890 level. The 14-day Relative Strength Index (RSI) is still positioned above the 50 level, indicating a bullish sentiment for the pair. Key support for the pair could be found around the 50-day Exponential Moving Average (EMA) at the 1.0819 level.
The EUR/USD pair has been advancing for the third consecutive day, currently trading around 1.0860 during the Asian session on Monday. The daily chart analysis suggests that the pair is within a descending channel, signaling a bearish bias. However, the RSI is still above 50, indicating a bullish sentiment. Further movement will provide a clearer directional trend for the pair.
Potential resistance levels for the EUR/USD pair include the upper boundary of the descending channel around 1.0890 and the psychological level of 1.0900. A breakthrough above these levels could lead the pair to revisit a four-month high of 1.0948. On the downside, key support could be found at the 50-day EMA at 1.0819, with a break below potentially pushing the pair towards the region around 1.0670 as a throwback support level.
In terms of Euro performance against other major currencies, the table indicates the percentage change of Euro (EUR) against listed major currencies for the day. The Euro was the strongest against the New Zealand Dollar. The heat map shows the percentage changes of major currencies against each other, with the base currency selected from the left column and the quote currency from the top row. This can give insights into the relative strength of the Euro against other currencies.
Overall, the EUR/USD pair is showing signs of upward momentum towards the upper boundary of the descending channel. The RSI remains bullish, indicating potential further gains for the pair. Traders should monitor key support and resistance levels for potential entry and exit points in their trading strategies. Additionally, keeping an eye on Euro performance against other major currencies can provide further context for trading decisions.
