EUR/USD Price Analysis: 100-HMA guards immediate upside

• EUR/USD extends recovery moves from last Wednesday’s top.
• Normal RSI conditions suggest the continuation of the recent upside.
• 200-HMA offers additional support, 1.1860 can challenge bulls targeting monthly high.

EUR/USD remains mildly bid while taking rounds to 1.1815/20 during Wednesday’s Asian trading. In doing so, the pair keeps the latest U-turn from November 04 high.

While considering the absence of overbought RSI, the EUR/USD buyers are likely to continue attacking the 100-HMA level of 1.1825 to refresh the monthly peak of 1.1919.

However, a horizontal line comprising multiple levels since last-Thursday offers the key intermediate halt around 1.1860.

Alternatively, an area including Tuesday’s low and last Wednesday’s high, around 1.1780/70, becomes important nearby support to watch during the quote’s fresh selling.

Also likely to probe the EUR/USD sellers, below 1.1770, are the 200-HMA level of 1.1747 and a 61.8% Fibonacci retracement of November 04-09 upside close to 1.1720.

EUR/USD hourly chart

Trend: Further recovery expected