EUR/USD Price Analysis: Bulls approach 1.0660 hurdle inside weekly rectangle

• EUR/USD picks up bids to Friday’s run-up, mildly bid of late.
• Sustained break of 200-HMA, firmer RSI favor bulls but weekly rectangle could challenge further upside.
• Previous resistance line, monthly high add to the upside filters.

EUR/USD remains on the front foot around the intraday high of 1.0650 as bulls keep the reins during the second consecutive day on early Tuesday.

The major currency pair’s latest upside could be linked to the successful break of the 200-Hour Moving Average (HMA), as well as the firmer RSI (14) line, not oversold.

However, the top line of the one-week-old rectangle formation could challenge the EUR/USD buyers around 1.0660.

Following that, the support-turned-resistance line from December 07, close to 1.0710, will act as the last defense of the EUR/USD bears before giving control to the buyers.

In that case, the monthly high near 1.0740 and tops marked during May around 1.0790 might lure the EUR/USD bulls.

On the contrary, pullback moves remain elusive beyond the 200-HMA level of 1.0624.

Even so, an upward-sloping support line from the last Thursday, near the 1.0600 threshold by the press time, could challenge the EUR/USD bears.

It’s worth noting that the EUR/USD downside past 1.0600 needs validation from the aforementioned rectangle’s bottom, close to 1.0575, to welcome the bears.

Overall, EUR/USD is likely to remain on the bull’s radar even if it has limited upside room towards the north.

EUR/USD: Hourly chart

Trend: Limited upside expected