EUR/USD Price Analysis: Pierces weekly hurdle above 1.2200 on inverse H&S confirmation
|- EUR/USD stays on the bids after confirming a bullish chart pattern on 1H.
- Overbought RSI condition probe buyers, 200-HMA offers nearby key support.
EUR/USD extends Monday’s upbeat performance while taking the bids near 1.2233, up 0.07% intraday, during Tuesday’s Asian session. The currency major pair’s 200-HMA breakout confirmed inverse head-and-shoulders (H&S) bullish chart pattern on the hourly (1H) play the previous day.
As of writing, the upside confirmation battles the overbought RSI conditions as bulls attack a one-week-old falling trend line resistance.
Hence, a clear break of 1.2235 becomes necessary for EUR/USD to attack the monthly peak surrounding 1.2265. However, any further upside needs to cross 1.2275 and 1.2310 intermediate hurdles before targeting the yearly top near 1.2350.
On the flip side, pullback moves can be ignored until the quote stays beyond the 200-HMA level of 1.2207, followed by the 1.2200 threshold support.
Should the consolidation of recent gains stretch below the 1.2200 round figure, Friday's low near 1.2130 will be in the spotlight.
EUR/USD hourly chart
Trend: Bullish
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