EURUSD trended lower on Thursday

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EURUSD trended lower on Thursday after an unsuccessful attempt to clear the resistance at 1.0725, with prices moving back towards the 1.0700 handle. Traders should closely monitor this support area in the coming days, as a break below it could trigger a pullback towards 1.0645 and potentially even 1.0600.

In the event of a bullish reversal from current levels, the first technical ceiling worth keeping an eye on in the near term is situated at 1.0725, followed by 1.0755. Further upward momentum will draw attention to the 1.0800 zone, where the 50-day and 200-day simple moving averages currently intersect.

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EUR/USD extended its bullish streak into the fourth trading session, but is still trading within Friday's range so can be considered sideways for the time being. The short-term outlook for this pair remains positive as it is trading above the 20 EMA at 1.0730.

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Technically, EUR/USD is approaching the lower boundary of the symmetrical triangle pattern on the daily chart, formed from the December 28 high around 1.1140. The upper boundary of the pattern is drawn from the October 3 low at 1.0448.

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EURUSD broke through and is still holding above the important 200 EMA resistance mark at 1.0800 after the US April PPI data was released.
The pair is still reacting to the upper boundary of the symmetrical triangle pattern formed on the daily chart. This border is drawn from the high on December 28 around 1.1140, whereas the lower border comes from the low on October 3 at 1.0448.

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On the daily time frame, EURUSD reversed below the 1.0880 resistance, coinciding with the upper border of the descending channel. If the price maintains its bearish momentum with a bearish break of the 1.0780 support, the price could fall further towards the 1.0650 support. Conversely, if the price breaks out of the descending channel and the 1.0880 resistance to the upside (bullish breakout), it could push the next potential resistance level at 1.1000 further. The RSI indicator is fluctuating near the overbought zone, suggesting that the potential for further price increases is limited.