EUR/USD technical outlook

EUR/USD has challenged the 50% Fibonacci retracement (plotted from March 15 high at 1.0760 to March 15 low at 1.0516. The shared currency pair has scaled above the 20-and 50-period Exponential Moving Averages (EMAs) at 1.0617 and 1.0626 respectively, which indicates that the short-term trend is bullish.

Meanwhile, the Relative Strength Index (RSI) (14) is attempting to shift into the bullish range of 60.00-80.00. An occurrence of the same will trigger the upside momentum.

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