- EUR/USD gathers strength to near 1.1370 in Friday’s early European session.
- The constructive view of the pair prevails above the key 100-day EMA with the bullish RSI indicator.
- The immediate resistance level emerges at the 1.1400-1.1415 region; the downside target to watch is 1.1280.
The EUR/USD pair strengthens to around 1.1370 during the early European trading hours on Friday. Hopes for a trade deal between the United States (US) and the European Union (EU) provide some support to the Euro (EUR). Trading volume is likely to be lightened on Good Friday.
Technically, the positive outlook of the EUR/USD pair remains in play as the price is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands above the midline, displaying bullish momentum in the near term.
The first upside target for the major pair emerges in the 1.1400-1.1415 zone, representing the psychological level and the high of April 16. Extended gains could see a rally to 1.1495, the upper boundary of the Bollinger Band. The additional upside filter to watch is 1.1546, the low of November 1, 2021.
On the flip side, the initial support level for EUR/USD is located at 1.1280, the low of April 16. The key contention level is seen at the 1.1100 round figure. Sustained trading below the mentioned level could see a drop to 1.0888, the low of April 8.
EUR/USD daily chart
