EUR/USD Price Analysis: Bulls brace for 200-SMA hurdle around 1.1850
- EUR/USD seesaws around two-week top, keeps a 13-day-old trend line breakout.
- Firmer RSI, bullish MACD back the upside momentum towards the key SMA.
- Bears need a clear downside break of 1.1800 for re-entry.
EUR/USD holds onto the bounce off resistance-turned-support around 1.1845 amid a quiet post-Fed Thursday morning in Asia.
In addition to the successful break of the previous resistance line, bullish MACD and firmer RSI conditions also back the pair buyers to aim for a 200-SMA immediate hurdle, around 1.1870.
However, the monthly high near the 1.1900 threshold may restrict the currency major pair’s further advances as the RSI line inches closer to the overbought conditions.
Should the EUR/USD bulls remain dominant past 1.1900, the late June’s swing high near 1.1975 and the 1.2000 psychological magnet will be in the spotlight.
Meanwhile, pullback moves remain less important until staying beyond the stated descending trend line from July 12, close to the 1.1800 round figure.
Following that, the monthly low near 1.1750 and the yearly bottom surrounding 1.1700 should return to the chart.
EUR/USD: Four-hour chart
Trend: Further upside expected