The EURUSD pair, currently at 1.09218, has exceeded the 20-pip range above 1.0900 on the upside.

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• EUR/USD has delivered an upside break of the 20-pips range formed above 1.0900.

The pair currently trades last at 1.09218.

The previous day high was 1.0946 while the previous day low was 1.0907. The daily 38.2% Fib levels comes at 1.0922, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0931, expected to provide resistance.

The EUR/USD pair is coming out of the woods as the US Dollar Index (DXY) has faced stiff barricades around 102.60 in the London session. The major currency pair has delivered a breakout of the consolidation formed in a narrow range of 20 pips.

S&P500 futures have extended losses in the European session amid caution due to an extended weekend in the United States. Meanwhile, investors are looking for a potential trigger that will bring an action in the FX domain.

On the Eurozone front, more interest rate hikes are anticipated from the European Central Bank (ECB) despite a threat to economic prospects. ECB President Christine Lagarde has confirmed that more interest rates are in the pipeline due to persistence in core inflation.

EUR/USD has shown a mild correction after confidently climbing above the 61.8% Fibonacci retracement (plotted from April 26 high at 1.1095 to May 31 low at 1.0635) at 1.0920. The 20-period Exponential Moving Average (EMA) at 1.0910 is providing a cushion to the Euro bulls.

The Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00, which indicates that the bullish momentum is already active.

More gains will be added by the major currency pair on a break above May 02 low at 1.0942, which will drive the asset toward the psychological resistance at 1.1000 and May 08 high at 1.1054.

In an alternate scenario, a breakdown below 50% Fibo retracement at 1.0865 will drag the shared currency pair toward 38.2% Fibo at 1.0813 followed by June 14 low at 1.0775.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0928 at the time of writing. Pair opened at 1.0922 and is trading with a change of 0.05 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.077, 50 SMA 1.088, 100 SMA @ 1.0808 and 200 SMA @ 1.0546.

The previous day high was 1.0946 while the previous day low was 1.0907. The daily 38.2% Fib levels comes at 1.0922, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0931, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0904, 1.0886, 1.0865
• Pivot resistance is noted at 1.0943, 1.0964, 1.0982

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