EUR/USD Technical Analysis: 50-day SMA restricts immediate recovery
|- The EUR/USD pair’s recent pullback stays below near-term key resistance.
- A sustained downside break could recall October month lows.
- 1.1180/75 keeps the key to the pair’s rally.
EUR/USD buyers look for confirmation, despite recent bounce, as prices still trade below the near-term key moving average, around 1.1025, during early Friday.
The 50-day Simple Moving Average (SMA) level of 1.1040 acts as immediate upside barrier to the pair holding gate for a further recovery towards late-October low surrounding 1.1075/80 and then a rise to 1.1130.
However, any further upside will have to conquer 1.1175/80 confluence including 200-day SMA and multiple tops since October 21.
Meanwhile, pair’s failure to keep the gains and a decline below the recent low of 1.0989 could recall early-October levels close to 1.0940 and 1.0880 to the chart.
EUR/USD daily chart
Trend: Bearish
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