EUR/USD Price Analysis: Recaptures 21-DMA, eyes 1.1615 resistance area
- EUR/USD extends a three-day uptrend from yearly troughs.
- The pair regains 21-DMA barrier on its road to recovery.
- Daily RSI stays bearish, a cause for concern for the EUR bulls.
EUR/USD is stretching its recovery momentum above 1.1600, as the bulls flex their muscles into the third consecutive day this Tuesday.
In doing so, the currency pair has recaptured the critical short-term 21-Daily Moving Average (DMA) at 1.1602, although it remains to be seen if the price manages to yield a daily closing above the latter.
The 14-day Relative Strength Index (RSI) is pointing north but still sits beneath the midline, keeping the EUR sellers hopeful.
In case bears regain control, then the major could retest the daily lows at 1.1577, below which a fresh downswing towards the 1.1550 barrier cannot be ruled out.
Further down, the falling trendline support at 1.1511 could come into play.
EUR/USD: Daily chart
On the flip side, acceptance above the 21-DMA on a daily closing basis will likely extend the upside towards the bearish 50-DMA at 1.1670.
The 1.1700 psychological magnate will then test the bearish commitments.
EUR/USD: Additional levels to consider
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
