The EUR/USD pair remains cautious at a level of 1.09074, as the buyers find it difficult to support the idea of a bullish chart pattern formed a month ago. However, according to the viewpoint of Nehcap, there is anticipation for more upward movement.

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• EUR/USD stays defensive as bulls struggle to justify a one-month-old falling wedge bullish chart formation.

The pair currently trades last at 1.09074.

The previous day high was 1.0914 while the previous day low was 1.0867. The daily 38.2% Fib levels comes at 1.0896, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0885, expected to provide support.

EUR/USD buyers flirt with the 1.0900 threshold within a one-month-long falling wedge bullish chart formation on early Tuesday.

The Euro pair’s latest moves could be linked to the market’s cautious mood ahead of this week’s top-tier data/events, as well as the recent fears emanating from the US banking sector. The same weighs on the US Dollar Index (DXY) even as the Treasury bond yields refresh a multi-year high.

Also read: US Dollar Index: DXY retreats towards 103.00 despite strong yields, focus on mid-tier US data, central bankers

That said, the upbeat RSI (14) line and the bullish MACD signals keep the EUR/USD buyers hopeful of confirming the falling wedge chart pattern suggesting a theoretical target of 1.1340.

However, successful trading beyond the stated wedge’s top line, around 1.0910 by the press time, becomes necessary for the bullish confirmation.

Even so, the 200-SMA and the previous support line stretched from May 31, respectively near 1.1025 and 1.1095, can prod the EUR/USD bulls.

On the contrary, a downside break of the stated wedge’s bottom line, close to 1.0830 at the latest, puts a floor under the Euro pair for the short term.

Following that, the early June’s swing high of around 1.0775-80 could lure the EUR/USD sellers.

Trend: Further upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0899 at the time of writing. Pair opened at 1.0896 and is trading with a change of 0.03% % .

The pair is trading below its 20 Daily moving average @ 1.096, below its 50 Daily moving average @ 1.098 , below its 100 Daily moving average @ 1.0931 and above its 200 Daily moving average @ 1.0794

The previous day high was 1.0914 while the previous day low was 1.0867. The daily 38.2% Fib levels comes at 1.0896, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0885, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.087, 1.0845, 1.0824
• Pivot resistance is noted at 1.0917, 1.0939, 1.0964

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