EURUSD is posting a strong upside rally after the bounce off 1.1700, holding for now above the 1.2000 psychological mark. Currently, the price is holding marginally beyond the 20-period simple moving average (SMA) and the RSI is ticking higher in the bullish region. Moreover, the MACD is ready to extend its positive momentum above its trigger and zero lines.
In case the bulls continue to move up, immediate resistance could be faced from the 1.2080 and 1.2110 barriers. Steeper increases could take the pair towards the 1.2240 hurdle, achieved in February 25.
Otherwise, in the case of a dive beneath the 20- and 40-period SMAs, the price could rest near the 1.1993 support. Breaching these lines, the 1.1945 obstacle and the 200-period SMA at 1.1887 could attract traders’ attention before moving to 1.1860.
In conclusion, EURUSD has been in a bullish mode since March 31 and any decreases below the 200-period SMA may shift the near-term outlook to neutral.
