Solid hurdle emerges around 1.0790

  • EUR/USD looks offered but keeps the trade above 1.0700.
  • The 1.0790 region remains a tough barrier for bulls so far.

EUR/USD navigates within the daily range against the backdrop of fresh demand for the greenback.

The surpass of the 1.0780/90 band – where the 3-month resistance line and the May top coincide – should see the downside pressure alleviated and this could spark a fresh bout of strength in the near term. Against that, the next target of note then emerges at the weekly high at 1.0936 (April 21).

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1232.

EUR/USD daily chart

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