EUR/USD Price Analysis: Regains 1.1600 on confirming inverse head-and-shoulders

• EUR/USD picks up bids to extend Friday’s rebound, confirms bullish chart pattern.
• Upbeat RSI line, not overbought, favor buyers to aim for weekly resistance.
• Bears remain hopeful unless witnessing 200-HMA breakout.

EUR/USD justifies confirmation of a bullish chart pattern to take the bids around 1.1610 during Monday’s Asian session.

Given the RSI conditions joining the inverse head-and-shoulder confirmation, the pair’s corrective pullback around the yearly low is likely to stretch towards a descending resistance line from September 24, near 1.1640.

However, the late August levels and 200-HMA will challenge the EUR/USD bulls around 1.1670-75 region, a break of which should strengthen the pair’s upside momentum towards the 1.1700.

On the flip side, the quote’s declines below 1.1600 could reverse the latest rebound, pushing short-term sellers towards 1.1580 and the latest bottom surrounding 1.1560. During the quote’s weakness past 1.1560, March 2020 tops near 1.1500 will be in focus.

Overall, EUR/USD remains on the way to revisit early 2020 tops close to 1.1500 unless crossing the 1.1675 hurdle.

EUR/USD: Hourly chart

Trend: Further upside expected