EUR/USD Price Analysis: Pulls back from three-week-old support line to cross 1.0800
|- EUR/USD keeps recoveries from a short-term ascending trend line.
- 61.8% of Fibonacci retracement acts as immediate resistance.
- Fresh downside below the support line can refresh monthly low.
EUR/USD bounces off a short-term support trend line while trading around 1.0805 during Friday’s Asian session.
That said, the pair currently aims to confront 61.8% Fibonacci retracement of April 24 to May 01 upside, near 1.0840.
However, 200-bar SMA and 50% Fibonacci retracement, respectively around 1.0865 and 1.0875, could keep the buyers in check.
Meanwhile, a downside break below the ascending trend line from April 24, close to 1.0785 now, can refresh the monthly low of 1.0767 whereas April month bottom around 1.0725/30 can challenge the bears afterward.
EUR/USD four-hour chart
Trend: Pullback expected
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