Technical analysis: US Dollar is yet to outperform Euro in a convincing way

Despite Wednesday’s pullback, EUR/USD’s near-term technical outlook stays bullish with the Relative Strength Index (RSI) on the daily chart holding comfortably above 50. Moreover, the 20-day Simple Moving Average (SMA) continues to pull away from the 50-day SMA following the bullish cross seen earlier in the week.  

1.0900 (psychological level, static level) aligns as immediate support for EUR/USD. If the pair falls below that level and starts using it as support, it could extend its downward correction toward 1.0800 (psychological level, 20-day SMA), 1.0740 (50-day SMA) and 1.0680 (100-day SMA).

On the upside, static resistance seems to have formed at 1.0950 ahead of 1.1000 (end-point of the latest uptrend, psychological level) and 1.1035 (multi-month high set in early February).