- EUR/USD consolidates losses from 10-week high in a small range.
- 100-HMA, 38.2% of Fibonacci retracement challenges bearish MACD.
- Three-day-old horizontal resistance line guards immediate upside.
EUR/USD stays depressed in a choppy range above 1.1800, currently around 1.1810, during the early Tuesday. The pair surged to the fresh high since September 02 the previous day before portraying a U-turn from 1.1919.
The resulted declines presently eye a confluence of 100-HMA and 38.2% Fibonacci retracement of November 04-09 upside, near 1.1800-1795, amid bearish MACD signals.
Though, any further weakness past-1.1795 will direct the EUR/USD sellers towards 200-HMA and 61.8% Fibonacci retracement level, respectively near 1.1740 and 1.1720.
Meanwhile, the pair’s corrective recovery needs a clear break beyond the 1.1860 resistance level comprising a horizontal line from last Thursday.
Following that, the EUR/USD bulls will aim for the recent high of 1.1920 before targeting the 1.2000 psychological magnet and September’s peak close to 1.2010.
EUR/USD hourly chart
Trend: Pullback expected