EUR/USD could target 1.0160 next if it continues to hold above 1.0100

EUR/USD has gathered bullish momentum following Thursday's volatile session. The pair could extend its rebound if it manages to clear 1.0100, FXStreet’s Eren Sengezer reports.

Next recovery target aligns at 1.0160

“In case the pair starts using 1.0100, where the 200-period SMA is located, as support, it could target 1.0160 (Fibonacci 61.8% retracement of the latest downtrend) and 1.0200 (psychological level).”

“Buyers could stay on the sidelines if EUR/USD fails to hold above 1.0100. In that scenario, 1.0050 (Fibonacci 50% retracement) could be seen as interim support ahead of 1.0100 (psychological level, 100-period SMA).