EURUSD Analysis – April 29, 2023

The EURUSD has broken above the 1.1032 resistance level and reached a high of 1.1095. This suggests that the uptrend from the September 2022 low of 0.9535 has resumed.

If the current momentum continues, a further rally in the EURUSD could be expected in the next couple of weeks, with the next target being around the 1.1200 area.

In terms of support levels, the near-term support for the EURUSD is at 1.0909. As long as this level holds, the bullish trend is likely to remain intact. However, if the price breaks down below this level, it could signal a reversal of the uptrend. Then the next key support level to watch for is around the 1.0600 area.