Also read: AUD/USD marches towards 0.6650 as fears from SVB abate, Aussie employment, US inflation eyed

That said, the EUR/USD’s higher highs on price fail to gain support from the Relative Strength Index (RSI) 14 as it forms lower high, which in turn suggests a lack of enough bullish momentum to cross the immediate key hurdle, namely the 200-SMA level surrounding 1.0710.

Even if the EUR/USD manages to surpass the 1.0710 resistance, the 50% Fibonacci retracement level of its early February-March downside, near 1.0780, will precede the mid-February swing high near 1.0810 to challenge the bulls.