November 10, 2022 12:24 AM ET
EURUSD prepares for the fourth weekly uptrend as it refreshes the intraday high near $1.0035 early Thursday morning in Europe. As such, the major currency pair swings around the key northward hurdle as it gives signs that buyers are running out of steam.
That said, the latest price bounce broke away from the bearish MACD signals as it climbed towards the four-day support-turned-resistance line near 1.0065.
Even if EURUSD buyers manage to cross 1.0065, a horizontal zone comprising multiple levels marked since early September between 1.0100 and 1.0110 could challenge further upside.
It is worth noting that the RSI (14) is close to overbought conditions and thus suggests further upside room, which in turn highlights the 1.0100–10 zone as key resistance.
If EURUSD prices break above 1.0110, a rapid rise to the September high at 1.0200 cannot be ruled out.
Alternatively, pullback moves could target the early October highs near parity before steering the bears towards the 61.8% retracement of the September 12-28 decline around 0.9945.
Still, EURUSD sellers remain unconvinced before marking a clear break of an ascending support line from the September 28 low to 0.9770 at the latest.