EUR/USD Price Analysis: Bulls Eyeing 1.0800 and Beyond

Time Stamp: March 13, 2023 2:45 PM
Source Node: 2513672

The EUR/USD currency pair is one of the most popular and heavily traded currency pairs in the world. It is often seen as a barometer of the global economy and its movements can have a significant impact on the markets. Recently, the EUR/USD has been on an upward trend, with bulls eyeing a break above the 1.0800 level. In this article, we will take a look at the recent price action and analyze what could be in store for the pair in the near future.

The EUR/USD has been on an uptrend since the beginning of 2021, with the pair rising from a low of 1.0600 to a high of 1.0800. This is a significant move, as it marks a break above the key resistance level of 1.0750. This break has been driven by strong economic data from both the Eurozone and the US, as well as increasing optimism about the global economic recovery.

The EUR/USD is now trading above the 1.0800 level and bulls are looking to push it higher. The next major resistance level is at 1.0850, which could be a key level for the pair in the near future. If the pair can break above this level, it could signal further upside potential for the pair.

On the other hand, if the EUR/USD fails to break above 1.0850, it could signal a potential pullback in the near future. In this case, traders should watch for support levels at 1.0750 and 1.0700, which could provide support for the pair if it falls back below 1.0800.

Overall, the EUR/USD has been on an uptrend since early 2021 and bulls are eyeing a break above 1.0800. If the pair can break above this level, it could signal further upside potential for the pair in the near future. However, traders should also be aware of potential pullbacks if the pair fails to break above 1.0850.