EUR/USD Price Analysis: Bulls approach 0.9660 hurdle inside weekly triangle

• EUR/USD grinds higher inside a three-day-old symmetrical triangle, keeps bounce off 20-year low.
• RSI, MACD hints at further recovery but one-week-old resistance line adds to the upside filters.
• Sellers could quickly jump back on the table if witnessing a clear break of 0.9600.

EUR/USD renews intraday high around 0.9650, snapping a five-day downtrend, as buyers keep reins inside a short-term triangle heading into Tuesday’s European session. That said, the major currency pair takes rounds to 0.9660 by the press time.

Given the MACD and RSI conditions favor the quote’s rebound from the two-decade low, EUR/USD buyers are likely to overcome the immediate hurdle surrounding 0.9660, including the stated triangle’s upper line.

However, a downward sloping resistance line from September 20, close to 0.9710 at the latest, holds the key to the pair’s further advances.

In a case where the EUR/USD buyers keep reins past 0.9710, the odds of witnessing a run-up towards the 50% Fibonacci retracement level of September 20-25 downside, around 0.9810 can’t be ruled out.

Alternatively, pullback moves need validation from the 0.9600 round figure, also including the stated triangle’s bottom.

Following that, a south-run towards refreshing the multi-year low is more likely. In that case, the latest trough near 0.9550 may act as the next rest for the EUR/USD bears before a six-month-old descending support line, around 0.9470 by the press time.

EUR/USD: Hourly chart

Trend: Limited upside expected