- An ascending triangle formation reinforces the bulls of the pair.
- The EMAs of 20 and 50 periods have shown a bullish cross that indicates a rise in the pair.
- A firm break of the 60 level on the RSI (14) adds to the bullish filters.
The EUR/USD has been bullish during the Asian session on Monday and is expected to extend its gains when it breaks the intraday high at 1.0575. Since last week, the pair is gradually climbing higher, but it is still inside the forest.
An ascending triangle formation on the four-hour chart is strengthening the bulls in the pair. The rising trend line of the mentioned chart pattern is drawn from the 17th June low at 1.0444 while horizontal resistance is drawn from the 16th June high at 1.0602.
On the four-hour chart, a horizontal zone has been marked in a range of 1.0627-1.0787, which will act as a main resistance for the pair.
A bullish cross, represented by the 20 and 50 period EMA at 1.0531 adds to the bullish filters.
Meanwhile, the RSI (14) tries to break above the 60 level, which will further strengthen the EUR/USD bulls.
A decisive move above the June 1 low at 1.0627 will take the pair towards the June 7 low at 1.0671, followed by the June 6 high at 1.0752.
On the other hand, bears in the pair could take control if EUR/USD drops below the June 22 low of 1.0469. If this occurs, the pair will head towards the June 17 low at 1.0444. A drop below the June 17 low will expose the pair to the June 16 low at 1.0381.
EUR/USD 4 hour chart
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EUR/USD additional technical levels
Source: Fx Street
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