EUR/USD Price Forecast: Conquers 1.1600 as bulls retain control above 100-SMA, 50% Fibo.

The EUR/USD currency pair continues its upward momentum, breaking through the 1.1600 mark during the first half of the European trading session. This advancement is driven by a relatively weaker US Dollar, as indicated by a dip in the USD Index (DXY), which has reached an over two-month low. Technical indicators, including the 100-day Simple Moving Average (SMA) and the 50% Fibonacci retracement level, have been confirmed as buyers still hold control.

The Relative Strength Index (RSI) is near 67, and the Moving Average Convergence Divergence (MACD) histogram is positive and mildly rising, suggesting continued buying pressure. However, the pair risks capping near the 200-day SMA at 1.1630, with the 61.8% retracement level at 1.1645 just above. If this band holds, the EUR/USD could rise to the 78.6% retracement level at 1.1732 and potentially the cycle high near 1.1843.

On the downside, initial support is seen at the 50% retracement at 1.1584, followed by the 100-day SMA at 1.1569. A deeper pullback could expose the 38.2% Fibonacci level at 1.1522 and then the 23.6% retracement at 1.1447, with a drop toward the 1.1324 swing low seriously threatening the broader bullish structure.