EUR/USD Price Analysis: Bulls approach weekly hurdle near 1.0660

• EUR/USD picks up bids to refresh intraday top.
• Firmer oscillators underpin the run-up toward one-week-old resistance line.
• Monthly high, 61.8% FE level eyed during further advances.
• A convergence of 50-EMA, three-week-old ascending trend line highlights 1.0600 as short-term key support.

EUR/USD renews an intraday high around 1.0650 heading into Thursday’s European session. In doing so, the major currency pair rises inside the weekly trading range while reversing the previous day’s pullback moves.

Underpinning the quote’s latest run-up is the bullish MACD signal and firmer RSI (14), as well as the buyer’s ability to keep the reins past the 50-Exponential Moving Average (EMA).

That said, a slightly downward-sloping resistance line from the last Friday, around 1.0660 by the press time, challenges the EUR/USD pair’s immediate upside.

Following that, the monthly high marked in the last week around 1.0735 and the 61.8% Fibonacci Expansion (FE) of the pair’s December 01-19 moves, near 1.0760, will be in focus.

Alternatively, the 50-EMA level surrounding 1.0600 restricts the short-term downside of the EUR/USD pair. Also adding strength to the stated support is an upward-sloping trend line from December 01.

It should be noted that the December 05 high near 1.0595 acts as an additional downside filter before welcoming the bears.

Should the quote remains weak past 1.0595, the odds of witnessing a slump towards the fresh weekly low, currently around 1.0575, can’t be ruled out.

EUR/USD: Four-hour chart

Trend: Further upside expected