EUR/USD Price Analysis: Flips 200-hour MA resistance and rises above 1.09

EUR/USD has crossed the 200-hour average hurdle at 1.0888.
Technical studies indicate a strengthening of the upward momentum.
Support at 1.0888 is the level to beat for the sellers.

Omkar Godbole FXStreet Contributor

EUR/USD is gaining altitude in Asia. The currency pair toppled the 200-hour moving average hurdle a few minutes before press time and is currently trading at session highs near 1.0920.

The single currency is drawing bids despite the US Senate struggling to approve the coronavirus fiscal stimulus bill. As per the latest reports, the bill will be put to vote in the Senate in an hour from now.

If the bill is passed, the risky assets could rally, weakening the haven demand for the dollar and powering further gains in EUR/USD.

Froma technical perspective, the upward momentum looks strong with the 50- and 100-hour averages trending north. The averages produced a bullish crossover earlier this week. The hourly chart RSI is looking north and reporting the strongest bullish bias since March 3.

The immediate bullish case would further strengthen if the current hourly candle closes well above 1.0888. That would establish a higher high and open the doors to 1.0982 (March 18 high on the hourly chart).

The bias as per the hourly chart would turn bearish if the spot drops below 1.0785, invalidating the higher lows setup.

Hourly chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.0917
Today Daily Change	0.0031
Today Daily Change %	0.28
Today daily open	1.0882

Trends
Daily SMA20	1.1059
Daily SMA50	1.1001
Daily SMA100	1.1048
Daily SMA200	1.1085

Levels
Previous Daily High	1.0894
Previous Daily Low	1.0761
Previous Weekly High	1.1237
Previous Weekly Low	1.0638
Previous Monthly High	1.1089
Previous Monthly Low	1.0778
Daily Fibonacci 38.2%	1.0843
Daily Fibonacci 61.8%	1.0812
Daily Pivot Point S1	1.0797
Daily Pivot Point S2	1.0712
Daily Pivot Point S3	1.0664
Daily Pivot Point R1	1.0931
Daily Pivot Point R2	1.0979
Daily Pivot Point R3	1.1064

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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