EUR/USD Price Analysis: Auctions in an ascending triangle formation, bulls surpasses 200 EMA

• Euro bulls have surpassed the 200 EMA for the first time this month.
• The asset has been on an adrenaline rush after violating the 20 EMA on the upside.
• The RSI (14) has shifted into a bullish range, which adds to the upside filters.

The EUR/USD pair has witnessed a strong upside on Tuesday after violating the 20-period Exponential Moving Average (EMA) on the upside, which is currently trading at 1.1040 at the press time. A firmer upside move in the asset has sent it near May 17 high at 1.1138, which has acted as a potential resistance earlier.

On a four-hour scale, EUR/USD is trading near the horizontal edge of ascending triangle formation, which is placed near March 2 high at 1.1143. However, the advancing trendline is plotted from monthly lows at 1.0806, adjoining the March 28 low at 1.0945.

The asset has surpassed 200-period EMA for the first time in March at 1.1094, which adds to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into a bullish range of 60.00-80.00, which signals a fresh impulsive wave going forward.

Should the asset violates March 2 high at 1.1143, the major will start marching decisively towards monthly highs at 1.1233, followed by February 14 low at 1.1280.

On the flip side, euro bulls can lose strength if the asset drops below March 21 high at 1.1070, which will drag the asset towards March 28 low at 1.0945, followed by round level support at 1.0900.

EUR/USD four-hour chart