- EUR/USD advances on Friday, marking a strong recovery to 1.0485.
- Technical indicators point to strengthening momentum, with the pair approaching short-term resistance.
- The focus turns to whether buyers can maintain traction above the 1.0500 psychological level.
The EUR/USD pair ended the week on a bullish note, rising 0.66% to settle at 1.0485 on Friday. This move signals a continuation of its recovery, following the recent consolidation within a relatively narrow trading range. The pair’s ability to maintain upward pressure highlights growing buyer confidence as key resistance levels approach.
Technical readings reflect strengthening bullish bias. The Relative Strength Index (RSI) rose to 62, rising into positive territory and rising sharply, indicating increased buying interest and other gains. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram is printing rising green bars, confirming rising momentum and confirming increased demand.
For the immediate outlook, the 1.0500 mark will act as pivotal resistance, with a crucial break above opening the door to the next target at 1.0530. On the downside, support lies at 1.0450, followed by the 1.0420 level, which could act as a safety net if selling pressure resurfaces. Traders will watch these levels closely to assess the pair’s ability to maintain its upward trajectory.