EUR/USD Price Analysis: Sidelined after bullish daily close
- EUR/USD trades above the 50-day average at 1.0964.
- Tuesday's marubozu candle suggests the path of least resistance is to the higher side.
EUR/USD is sidelined near 1.0980 at press time, having found acceptance above a key average hurdle during the overnight trade.
The pair jumped 0.67% on Tuesday and formed a green marubozu candle, which comprises a strong body and little or no wicks. The marubozu candle, a sign of strong bullish sentiment, also marked a daily close above the 50-day average and indicates scope for a rise to the 100-day average at 1.1030.
The bullish candle is also backed by an above-50 reading on the 14-day relative strength index.
The bullish bias would be invalidated if the spot drops below Tuesday's low of 1.0901.
Daily chart
Trend: Bullish
Technical levels
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