The post The constructive outlook prevails above 1.1150 appeared on BitcoinEthereumNews.com.

EUR/USD holds positive ground around 1.1165 in Friday’s Asian session.  The pair keeps the positive stance above the key 100-period EMA, with the bullish RSI indicator.  The first upside barrier emerges at 1.1172; the initial support level is located at 1.1130.  The EUR/USD pair trades in positive for the third consecutive day near 1.1165 during the Asian trading hours on Friday. The bearish US Dollar (USD) after the US Federal Reserve (Fed) began its easing cycle with an unexpected 50 basis point (bps) rate cut at its September meeting underpins the major pair.  The bullish outlook of EUR/USD remains intact as the major pair is well supported above the key 100-period Exponential Moving Averages (EMA) on the 4-hour chart. Furthermore, the upward momentum is reinforced by the Relative Strength Index (RSI), which is above the midline near 67.45, suggesting the further upside looks favorable.  A decisive break above the upper boundary of Bollinger Band of 1.1172 could see a rally to the 1.1190-1.1200 region. The mentioned level is the confluence of the psychological mark and the high of September 18. Further north, the next hurdle emerges at 1.1240, the high of July 19.  In the bearish event, the low of September 19 near 1.1130 acts as an initial support level for the major pair. Any follow-through selling below this level will see a drop to the 1.1100 psychological figure. The additional downside filter to watch is 1.1088, the 100-period EMA.   EUR/USD 4-hour chart Euro FAQs The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the…

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Filed under: News - @ September 20, 2024 5:19 am