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The EUR/USD pair is showing signs of consolidation with attempts to push higher after last week's strong rally, which exceeded 4%. The pair's stability above the 200-day Simple Moving Average (SMA) at 1.0725 signals a willingness for further upside movement.
However, the RSI (Relative Strength Index) is in overbought territory, indicating a slowdown in momentum as bulls reassess their positions, and the market seeks new catalysts for further growth.
At the same time, the MACD continues to print bullish bars, which suggests sustained buying interest, albeit at a slower pace. This implies that in the short term, further upside could be limited unless new drivers emerge to support the rally.
Support: The 200-day SMA at 1.0725 remains a critical support level, but before reaching this point, the psychological level of 1.0800 serves as an initial barrier. If the pair falls decisively below 1.0800, it could trigger a correction toward 1.0750.
Resistance: The pair has cleared the immediate resistance at 1.0850, but stronger obstacles lie near the 1.0900 psychological level, which could limit further gains in the absence of additional bullish catalysts.
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