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23.05.2022, 00:05

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.

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

 

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