• EUR/USD edges higher after bouncing off five-week-old support line.
  • Bullish MACD favors corrective pullback but multiple hurdles test the up-moves.
  • Bears need to conquer the 1.1700 threshold for further dominance.

EUR/USD struggles to extend the previous day’s rebound from a yearly low of around 1.1745 during early Thursday morning in Asia.

The currency major pair dropped to the lowest since March, also the year’s bottom, on Wednesday before bouncing off a downward sloping trend line from early July.

Although bullish MACD signals back the rebound, multiple horizontal resistances, as well as 100-SMA, challenge the pair buyers.

Among them, a three-week-long area surrounding 1.1750-55 becomes the immediate hurdle ahead of a bit longer horizontal region, from July 13, around 1.1770.

If the EUR/USD buyers manage to cross the 1.1770 resistance, 100-SMA level near 1.1810 should return to the chart.

Alternatively, pullback moves may retest 1.1725-20 before declining back to the stated support line close to the year’s low of around the 1.1700 round figure.

In a case where the EUR/USD bears keep reins past 1.1700, the late 2020 levels near 1.1600 will be in focus.

EUR/USD: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.1741
Today Daily Change 0.0020
Today Daily Change % 0.17%
Today daily open 1.1721
 
Trends
Daily SMA20 1.1811
Daily SMA50 1.191
Daily SMA100 1.1964
Daily SMA200 1.201
 
Levels
Previous Daily High 1.1743
Previous Daily Low 1.171
Previous Weekly High 1.19
Previous Weekly Low 1.1755
Previous Monthly High 1.1909
Previous Monthly Low 1.1752
Daily Fibonacci 38.2% 1.1723
Daily Fibonacci 61.8% 1.173
Daily Pivot Point S1 1.1706
Daily Pivot Point S2 1.1692
Daily Pivot Point S3 1.1673
Daily Pivot Point R1 1.1739
Daily Pivot Point R2 1.1758
Daily Pivot Point R3 1.1772

 

 

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