EUR/USD Price Analysis: Bulls brace for 1.1985 on double top breakout
- EUR/USD remains firmer around weekly top after crossing near-term key hurdles.
- Bullish MACD also backs the upside momentum targeting May’s low.
- Previous support line, 100-SMA add to the upside filters.
EUR/USD extends bounce off 11-week low, marked last week, amid a sluggish Asian session on Wednesday. That said, the pair recently picks up bids to 1.1942 following the upside break of the highs marked during Friday and Monday.
Considering the bullish MACD signals favoring the breakout, EUR/USD is up for further advances to the previous month’s low surrounding 1.1985. However, any extra rise will be a bumpy road to the north.
Among the hurdles past 1.1985, the 1.2000 psychological magnet and the previous support line from May 28, around 1.2030, take the front seats to test the pair buyers. Following that, the 100-SMA level of 1.2100 and the mid-month peak near 1.2150 will be important to watch.
Alternatively, the stated double tops around 1.1925-20 become immediate support to watch during the quote’s pullback moves.
In a case where EUR/USD bears keep reins below 1.1920, 1.1880 and the recent multi-day low around 1.1845 should return to the chart before highlighting the early March low near 1.1835.
EUR/USD four-hour chart
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