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- EUR/USD tumbles to around 1.1375 in Tuesday’s Asian session.
- The positive view of the pair prevails above the key 100-day EMA with the bullish RSI indicator.
- The first upside barrier emerges at 1.1400; the initial support level to watch is 1.1315.
The EUR/USD pair attracts some sellers to near 1.1375 during the Asian session on Tuesday. The Euro (EUR) weakens against the Greenback amid rising expectations of further rate cuts from the European Central Bank (ECB) in June and mixed signals on US-China trade relations.
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 near 61.95, suggesting that further upside looks favorable.
The immediate resistance level for the major pair emerges at the 1.1400 psychological level. Further north, the next hurdle is seen at 1.1547, the high of April 22. Extended gains could see a rally to 1.1648, the upper boundary of the Bollinger Band.
On the other hand, the first downside target to watch is 1.1315, the low of April 24. A breach of this level could expose 1.1000, the round figure. The key contention level is located at 1.0830, representing the confluence of the 100-day EMA and the lower limit of the Bollinger Band.
EUR/USD daily chart
