EUR/USD Price Analysis: Shifts business above 1.0300 amid an upbeat market mood

• EUR/USD has established above the critical hurdle of 1.0300 as the US dollar refreshes the day’s low at 107.00.
• A bull cross, represented by the 20-and 50-period EMAs, indicates more upside ahead.
• The RSI (14) has shifted into the bullish range of 60.00-80.00, which adds to the upside filters.

The EUR/USD pair has displayed a firmer recovery after dropping to near 1.0310 in the Asian session. The asset has shifted its business profile above the psychological resistance of 1.0300 as the risk-on impulse has resurfaced confidently.

Meanwhile, the US dollar index (DXY) has refreshed its day’s low at 107.00 amid a significant improvement in investors’ risk appetite. The US Dollar is expected to remain dwindled as investors have turned anxious ahead of the Federal Open Market Committee (FOMC) minutes.

On an hourly scale, the EUR/USD pair has extended its recovery above the critical resistance plotted from November 17 low at 1.0305, which has turned into support now for the shared currency bulls.

The 20-and 50-period Exponential Moving Averages (EMAs) have delivered a bullish crossover at 1.0288, which indicates more upside ahead.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the bullish range of 60.00-80.00. This states that a bullish momentum has been triggered.

For further upside, the asset is required to overstep Friday’s high at 1.0396, which will drive the asset towards November 16 high at 1.0439, followed by November’s high at 1.0482.

Alternatively, the shared currency bulls could lose control of the asset drops below Monday’s low at 1.0223, which will drag the pair towards November 11 low at 1.0163. A slippage below the latter would deliver more downside towards November 8 high around 1.0100

EUR/USD hourly chart