EUR/USD Price Outlook: Positive Momentum Sustains Above 1.1150

The EUR/USD pair remains on an upward trajectory for the third straight day, trading near 1.1165 during Friday’s Asian session. The pair’s strength is supported by a weaker US Dollar (USD), following an unexpected 50 basis point (bps) rate cut by the US Federal Reserve (Fed) at its September meeting, marking the beginning of an easing cycle.

The bullish trend in EUR/USD remains solid as the pair holds comfortably above the 100-period Exponential Moving Average (EMA) on the 4-hour chart. Additionally, the Relative Strength Index (RSI) hovers above the midline at 67.45, indicating a favorable outlook for further gains.

A clear break above the upper Bollinger Band at 1.1172 could drive the pair towards the 1.1190-1.1200 zone. This area represents a psychological level and aligns with the high from September 18. Further upside may target 1.1240, the peak from July 19.

On the downside, initial support lies at the September 19 low of 1.1130. A sustained move below this point could see the pair dip to the key psychological level of 1.1100. The next significant support to monitor would be the 100-period EMA at 1.1088.