EUR/USD retreats from the highs as traders return from the long weekend

EUR/USD is on the back foot, trading around 1.1250, slightly below the highs. Traders are returning from the long Easter weekend and spreads between US and German yields hit a 4-month high, weighing on the euro.

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EUR/USD enjoyed a recovery of sorts during the Easter weekend, reaching 1.1250 and staying away from 1.1200. What's next? The next moves to the upside may be limited.

The Technical Confluences Indicator shows that the pair is struggling around 1.1250 where we see the convergence of the Bollinger Band 15min-Lower, the Fibonacci 61.8% one-day, the Fibonacci 23.6% one-week, the previous 1h-low, the BB 1d-Middle, the Simple Moving Average 5-15m, and more.

The next cap is quite close. At 1.1285, EUR/USD faces the juncture of the Pivot Point one-day Resistance 2, the Fibonacci 61.8% one-week, the BB 4h-Upper, the SMA 200-1h, and the Fibonacci 38.2% one-month.

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