EURUSD ticked up on Tuesday

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EURUSD ticked up on Tuesday but failed to decisively push past confluence resistance between 1.0865 and 1.0880, where the 50% Fibonacci retracement of last year's decline intersects a key short-term descending trendline. Traders should continue to watch this ceiling in the coming days, bearing in mind that a bullish breakout could set the stage for a rally toward 1.0980.

In the event of sellers successfully defending the technical zone at 1.0865/1.0880, we could see downside pressure drive the exchange rate down toward support at 1.0810. The pair may stabilize around this floor during a pullback before resuming its ascent. However, if a breakdown occurs, a retest of the 200-day simple moving average at 1.0790 could be imminent, with attention then transitioning to 1.0775.

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EUR/USD edged up slightly during Tuesday's Asian session and is currently trading around 1.0770. Both fundamental and technical outlooks call for caution before looking at the previous day's mild recovery from lows around 1.0730.

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EUR/USD needs to hold above 1.0800 to maintain the uptrend, if it falls below this level first support will appear around 1.0740, on the way towards 1.0660. A deeper decline would push the pair towards the year's low at 1.0600 if the USD regains its footing.

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EURUSD is extending its upward momentum above 1.12000 during the session, approaching its peak since July 2023 - 1.1271. This is also the next goal. The support level is located around 1.1184.

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There is only one deal to note today. That is the EUR/USD options contract at 1.1100. The price action since last week shows that while reaching 1.1100 may take time, if it happens, there will be many factors that will help stabilize the rate at this level. If the USD does not fluctuate much, then expiring contracts will not have a significant influence on market movements in the next trading session.