EUR/USD Price Analysis: Bulls have a bumpy road ahead, 1.0210 guards immediate recovery
|- EUR/USD struggles to extend corrective pullback from monthly low.
- Three-week-old support line restricts immediate downside amid steady RSI.
- Previous support line, 50-DMA adds to the upside filters.
- MACD teases bear cross, buyers to remain cautious below 1.0370.
EUR/USD recovery remains sluggish at around 1.0180 as bulls approach the short-term key hurdles during Thursday’s Asian session. Even so, steady RSI and an upward sloping support line from late July challenge the bears.
That said, an impending bear cross on the MACD, as well as the 21-DMA surrounding 1.0210 questions the major currency pair’s immediate upside.
Following that, the support-turned-resistance from mid-July and the 50-DMA, respectively near 1.0260 and 1.0290, will act as extra hurdles for the EUR/USD bulls to cross.
It’s worth noting that the pair buyers remain unconvinced below the upward sloping resistance line from mid-May, around 1.0370 by the press time.
Alternatively, pullback moves need to break the aforementioned support line from July 27, close to 1.0165 at the latest, to recall the EUR/USD bears.
In that case, the south-run could quickly poke the 1.0100 and parity levels before challenging the yearly bottom surrounding 0.9950.
Overall, the EUR/USD pair’s run-up remains elusive even as the bears are likely losing their grip of late.
EUR/USD: Daily chart
Trend: Limited upside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.