Technical Analysis: EURUSD eyes further upside ahead of US GDP, FOMC minutes
Although the weekly resistance line keeps hammering the EURUSD bulls, upbeat RSI and MACD conditions join the pair's sustained trading above 100-SMA to favor forecasts of further upside. In doing so, a clear break past-1.1915 immediate resistance line will attack the one-month-old rising trend line, at 1.1955 now. However, any further upside beyond 1.1955 will aim for the 1.2000 psychological magnet.
Meanwhile, a downside break of 100-SMA, currently around 1.1820, can recall the November 11 low around 1.1750/45 on the short-term sellers' radar. It should, however, be noted that the bears' dominance below 1.1745 may catch a breather around the mid-October bottom close to 1.1685 ahead of challenging the monthly low near 1.1600.
Other than the technical details, upbeat fundamentals backed by US President-elect Joe Biden's initial comments and the coronavirus (COVID-19) hopes also favor the bulls as risk-on mood dims the USD's safe-haven demand.