- EUR/USD struggles to late Thursday’s bounce inside a bullish chart pattern.
- Sluggish MACD signals back further sideways grind, multiple resistances also challenge the bulls.
EUR/USD remains pressured, sidelined of late, around 1.1810 amid the initial Friday morning in Asia. The currency-major pair failed to extend the bounce off a three-month low the previous day while staying inside a three-week-old falling wedge bullish formation.
Given the subdued MACD signals, coupled with the bumpy road to the north, EUR/USD may remain depressed surrounding the 1.1800 threshold.
However, bears are likely to witness repetitive challenges from the formation’s support surrounding 1.1760, a break of which could refresh the yearly low near 1.1700.
Meanwhile, an upside clearance of 1.1850 will confirm the bullish pattern suggesting the theoretical upside towards 1.2050. Though, 200-SMA and late June’s top near 1.1970-75 will be a tough nut to crack for the EUR/USD bulls.
Overall, EUR/USD bears seem to have tired of late but the bulls have multiple barriers to entry.
EUR/USD: Four-hour chart
Trend: Sideways
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