EUR/USD Price Analysis: Advances towards 1.0600 as eurozone bulls stabilize above 50-EMA
- An Ascending Triangle formation is bolstering the shared currency bulls.
- The 20- and 50-period EMAs have displayed a bulls cross that indicates an upside in the asset.
- A break of 60.00 by the RSI (14) firmly will add to the upside filters.
The EUR/USD pair has remained biased towards the shared currency bulls in the Asian session and is expected to extend its gains after violating an intraday high at 1.0575. From the past week, the asset is scaling gradually higher but is still inside the woods.
An ascending triangle formation in the four-hour scale is strengthening the shared currency bulls. The upward sloping trendline of the above-mentioned chart pattern is placed from June 17 low at 1.0444 while the horizontal resistance is plotted from June 16 high at 1.0602.
On the four-hour scale, a balanced profile area in a 1.0627-1.0787 range has been marked, which will act as a major resistance for the counter.
A bull cross, represented by the 20- and 50-period Exponential Moving Averages (EMAs) at 1.0531 adds to the upside filters.
Meanwhile, the Relative Strength Index (RSI) (14) is attempting to shift above 60.00, which will strengthen the eurozone bulls further.
A decisive move above June 1 low at 1.0627 will drive the asset towards June 7 low at 1.0671, followed by June 6 high at 1.0752.
On the flip side, the greenback bulls could dictate the asset if it drops below June 22 low at 1.0469. An occurrence of the same will drag the asset towards June 17 low at 1.0444. A slippage below June 17 low will expose the asset to more downside levels of the Jun 16 low at 1.0381.