- EUR/USD wavers around two-month top after Friday’s heavy run-up.
- Successful break of 100-day SMA, bullish MACD suggest further upside.
- March’s top, a descending trend line from early January test immediate rise.
EUR/USD bulls look for clear direction around early March top while taking rounds to 1.2100 during the initial Asian session on Monday.
In doing so, the key currency pair stays above 100-day SMA for the first time since March 04 after Friday’s notable upside moves, the heaviest since February 05.
Sustained trading beyond 100-day SMA also takes clues from bullish MACD to keep EUR/USD buyers hopeful.
It should, however, be noted that March month’s high near 1.2115 and a downward sloping trend line from January 06, around 1.2120, become decisive for the pair’s further upside.
Should the quote manages to remain strong above 1.2120, which is more likely, a horizontal area established from late January surrounding 1.2180-90 will be crucial to watch.
Meanwhile, pullback moves may eye the last week’s top near 1.2080 before retesting the 100-day SMA level of 1.2056.
If EUR/USD bears manage to sneak in below 1.2056, an ascending support line from April 13, around 1.2030, will be in the spotlight.
EUR/USD daily chart
Trend: Bullish
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