EUR/USD rallies above 1.1150 as US Dollar retreats on Fed’s dovish bets
Technical Analysis: EUR/USD recovers above 1.1150
EUR/USD rises above 1.1150 in European trading hours in an intraday turnaround move after declining to near the 20-day Exponential Moving Average (EMA), which trades around 1.1060.
The major currency pair remains firm as it has confidently recovered after retesting the breakout of the Rising Channel chart pattern formed on a daily time frame near the psychological support of 1.1000.
The 14-day Relative Strength Index (RSI) moves higher to near 60.00. A bullish momentum would trigger if it sustains above the aforementioned level.
Looking up, the round-level resistance of 1.1200 will act as a major barricade for the Euro bulls. On the downside, the psychological level of 1.1000 and the July 17 high near 1.0950 will be major support zones.
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