- The asset has continued its two-day bullish momentum after surpassing Wednesday’s high at 1.0482.
- A confident establishment above the 200-EMA will strengthen the Euro bulls further.
- The RSI (14)’s oscillation in the 60.00-80.00 range indicates that the upside momentum is active.
The EUR/USD pair has continued its two-day winning streak after overstepping Wednesday’s high at 1.0405 in the Tokyo session. The asset is looking to re-test November high at 1.0482 as the risk profile has turned extremely bullish.
Meanwhile, the US dollar index (DXY) has extended its downside journey to near 105.76 amid a significant decline in safe-haven’s appeal. S&P500 futures have carry-forwarded its upside momentum on Thanksgiving Day.
The EUR/USD pair is aiming to establish comfortably above the 200-period Exponential Moving Average (EMA) at 1.0389. The corrective move in the asset after printing a high of 1.0482 to near 1.0226 has been supported by the upward-sloping trendline placed from November low at 0.9730.
Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a bullish range of 60.00-80.00, which indicates more upside ahead.
Should the asset break above November’s high at 1.0482, the major will be exposed to the horizontal resistances plotted from June 27 high at 1.0615 and May 30 high at 1.0787.
On the contrary, the shared currency bulls could lose strength if the asset drops below Monday’s low at 1.0226. This will drag the asset towards November 11 low at 1.0163, followed by the round-level support at 1.0100.
EUR/USD daily chart