EUR/USD Hits Resistance at 100-Day SMA

The EUR/USD pair has been making gains of over 0.32% after rebounding from daily lows at 1.1526, but it's facing key resistance at the 100-day Simple Moving Average (SMA) at 1.1567.

Bulls are eyeing the 1.1600 psychological figure as traders face a crucial test at the current resistance level.

The Relative Strength Index (RSI) suggests that bullish momentum is building, but a break above the 100-day SMA is needed to confirm a reversal.

If the EUR/USD clears this hurdle, it could expose higher resistance levels at 1.1629 and 1.1685, with the May 29 high at 1.1685 being the next target.