EUR/USD Price Analysis: 100-SMA guards immediate upside but bulls can stay hopeful

• EUR/USD keeps Fed-led run-up beyond the short-term resistance line.
• Bullish MACD, sustained trend line breakout favor bulls.
• Sellers need to wait for one-week-old support break for fresh entries.

EUR/USD wavers around the weekly top, currently up 0.05% near 1.1985, during the early Thursday. In doing so, the currency major holds the previous day’s break out of a downward sloping trend line from March 03, backed by the dovish Fed.

However, the 100-SMA level of 1.1995, quickly followed by the 1.2000 threshold, seems to tests the short-term EUR/USD buyers ahead of directing them to the 200-SMA, at 1.2040 now.

It should be noted though that the pair’s ability to stay beyond the stated trend line resistance amid bullish MACD favors EUR/USD buyers to eye the monthly top around 1.2115 during any further upside past-1.2040.

Alternatively, pullback moves need to slip beneath the previous resistance line, now support, near 1.1910, to recall the EUR/USD sellers for a while.

Though, a clear downside break of an ascending support line from March 09, currently around 1.1890, becomes necessary for the confirmation of the quote’s further weakness.

EUR/USD four-hour chart

Trend: Bullish