EUR/USD Price Analysis: Recovery remains elusive below 1.1390
|- EUR/USD seesaws after rising the most in two weeks.
- Clear break of 1.1285-90 resistance confluence, now support, joins bullish MACD signals to favor buyers.
- Six-week-old descending trend line, monthly horizontal area restrict immediate upside.
EUR/USD grinds higher around the weekly top following the biggest daily jump in a fortnight, taking rounds to 1.1350-40 during the early Asian session on Thursday.
The major currency pair’s latest run-up could be linked to a successful break of the 100-SMA and a downward sloping trend line from early November, around 1.1285-90, amid bullish MACD.
However, multiple tops marked since November 15, as well as descending resistance line from October 28, challenge the pair bulls around 1.1385-90.
Should the quote rises past-1.1390, EUR/USD bulls will eye the 5% Fibonacci retracement of late October-November declines, around 1.1440, ahead of challenging the early November lows near 1.1515.
Alternatively, pullback moves remain less harmful until staying beyond the aforementioned resistance-turned-support area near 1.1290-85.
Following that, 1.1230 and the 1.1200 threshold may entertain EUR/USD traders before targeting the fresh low of the year, currently around 1.1185.
EUR/USD: Four-hour chart
Trend: Further upside expected
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