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  • EUR/USD fades bounce off five-month low, choppy off-late.
  • One-week-old resistance line, 100-SMA add to the upside filters.
  • Bears can eye 1.1610-1600 key support below the latest bottom.

EUR/USD seesaws around 1.1725, down 0.05% intraday, while failing to extend the previous day’s bounce amid Thursday’s Asian session.

In doing so, EUR/USD steps back from the previous support extended from February 05, not to forget the one-week-old falling trend line. However, bullish MACD and failures to break the 1.1700 threshold test the bears.

As a result, further selling should wait for a clear break below the 1.1700 round-figure, which in turn will target 1.1610-1600 support-zone comprising multiple lows marked since late September 2020.

Though, any further downside past-1.1600 will make the EUR/USD pair vulnerable to revisit June 2020 top near 1.1420.

Alternatively, an upside clearance of 1.1744-52 area comprising the stated resistance lines will aim for the early March low near 1.1835 but a 100-SMA level of 1.1865 will challenge the EUR/USD bulls afterward.

EUR/USD four-hour chart

Trend: Bearish