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  • EUR/USD steps back from nine-day high after failing to cross the multi-day-old descending trend line on D1.
  • 50-day SMA gains sellers’ attention, a two-month-long resistance line add to the upside barriers.

EUR/USD recedes from the highest since October 26 while declining to 1.1817, down 0.07% intraday, during early Friday.

The pair failure to provide a daily closing beyond a falling trend line from September 01, at 1.1840 now, triggered the latest pullback towards the 50-day SMA level of 1.1776.

During the quote’s further weakness past-1.1776, 38.2% Fibonacci retracement of mid-June to the early-September upside, near 1.1690, will lure the EUR/USD bears.

Alternatively, an upside clearance of 1.1840 immediate resistance will not be able to convince the EUR/USD bulls as another resistance line from September 10, at 1.1866 now, will offer hardships to the optimists.

Furthermore, multiple highs marked in late-October around 1.1870/80 also add worries for the EUR/USD buyers.

EUR/USD daily chart

Trend: Pullback expected