EUR/USD Price Analysis: Further upside appears elusive whilst below 1.1930
|- EUR/USD rebound pauses around the key Fibonacci retracement.
- Receding bearish bias of MACD, improving risk sentiment favor bulls.
- Sellers await clear break of three-month-old support for fresh entries.
EUR/USD fades recovery from early April around 1.1920 during the initial Asian session on Tuesday. In doing to bouncing off a two-month low, the currency major pair snapped a three-day losing streak, also posted the heaviest gains since late May, the previous day.
The rebound battles 61.8% Fibonacci retracement of the March-May upside amid a receding bearish bias of the MACD signals.
Hence, the quote may extend the latest run-up but the bulls await a clear break of 1.1930 before targeting the mid-April lows near 1.1940-45.
It should, however, be noted that 50% Fibonacci retracement, March’s top and 200-day SMA, together offer a tough nut to crack for the EUR/USD bulls around 1.1990–2000.
Meanwhile, pullback moves may initially aim for the 1.1900 threshold before eyeing the 1.1875 and the horizontal line around 1.1845.
Though, a clear downside past 1.1845 may not hesitate to challenge the 1.1800 and 1.1760 supports ahead of directing EUR/USD bears to the yearly low near the 1.1700 round figure.
EUR/USD daily chart
Trend: Further recovery expected
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