EUR/USD Price Analysis: Bullish grind towards 1.0600 stays intact

EUR/USD retreats from intraday high within an immediate trend widening pattern.
Sustained trading beyond 200-HMA, firmer RSI keeps buyers hopeful.
One-week-old ascending trend line adds to the upside filters before the monthly high.

Anil Panchal FXStreet

EUR/USD pares intraday gains inside a bullish megaphone as buyers struggle to extend the previous week’s recovery moves amid a sluggish Asian session on Monday.

Even so, the above-50 status of the RSI (14) joins the major currency pair’s ability to stay beyond the 200-HMA to underpin the bullish bias.

That said, the latest pullback remains elusive until staying beyond the stated megaphone’s support line, near 1.0525.

Also acting as immediate support is an upward sloping trend line from May 13, close to 1.0515, as well as the 200-HMA level of 1.0490.

Meanwhile, 1.0590 and the recent swing high of the 1.0600 may entertain buyers before the weekly resistance line, close to 1.0640 at the latest, will test the upside further.

In a case where EUR/USD remains firmer past 1.0640, the odds favoring the pair’s run-up towards the mid-April low near 1.0755 can’t be ruled out.

EUR/USD: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.0569
Today Daily Change	0.0003
Today Daily Change %	0.03%
Today daily open	1.0566

Trends
Daily SMA20	1.0535
Daily SMA50	1.0779
Daily SMA100	1.1025
Daily SMA200	1.1285

Levels
Previous Daily High	1.0599
Previous Daily Low	1.0533
Previous Weekly High	1.0607
Previous Weekly Low	1.0389
Previous Monthly High	1.1076
Previous Monthly Low	1.0471
Daily Fibonacci 38.2%	1.0558
Daily Fibonacci 61.8%	1.0574
Daily Pivot Point S1	1.0533
Daily Pivot Point S2	1.05
Daily Pivot Point S3	1.0467
Daily Pivot Point R1	1.0599
Daily Pivot Point R2	1.0632
Daily Pivot Point R3	1.0665

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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