The EURUSD is experiencing an upswing today, reaching its highest level since February 2 and currently trading at 1.0964. This surge has pushed the currency pair beyond the 50% midpoint of the downward move from the 2020 high, situated at 1.0947, and above the falling 100-week moving average at 1.09586. The last time the price closed above its 100-week moving average was during the week of October 17, 2021.
The next significant target for the EURUSD lies at the February high of 1.10317. Back then, the 100-week moving average stood at 1.1070, but the falling average now offers a more accessible hurdle.
The key long-term technical level and area will be crucial for maintaining a bullish stance from a technical perspective. If the price remains above 1.0947 (the 50% mark) and continues to distance itself from the higher 100-day moving average, the bullish bias is likely to strengthen. However, if it falls below these levels, buyers may grow increasingly nervous due to failed breakouts.
