EUR/USD Bounces Off Lows, Bulls Eye 1.1600

The EUR/USD pair recorded gains of over 0.32% on Friday as traders faced key resistance at the 100-day Simple Moving Average (SMA) at 1.1567.

Bulls are eyeing the 1.1600 psychological figure, but the market structure suggests that the downtrend remains intact.

The successive lower highs and lower lows have been respected since July 30, when the pair reclaimed the 1.1500 area, increasing the risk of a bullish reversal.

However, if EUR/USD clears key resistance levels, it might turn bullish, with the Relative Strength Index (RSI) suggesting that bullish momentum is building.