Bulls attack 1.0520 hurdle with eyes on 200-SMA

  • EUR/USD grinds higher around 1.0525 as bulls jostle with weekly resistance line.
  • Bullish MACD signals hint at further but previous support line, 200-SMA challenge buyers.
  • Bears have multiple levels to conquer before retaking control.

EUR/USD battles with an eight-day-old resistance line as buyers extend the week-start rebound to 1.0520 during Tuesday’s Asian session.

Bullish MACD signals seem to keep the EUR/USD pair buyers hopeful. However, the previous support line from Friday, around 1.0540, acts as an extra filter to the north.

Also challenging the major currency pair buyers is the 200-SMA level surrounding 1.0585-90, as well as the previously weekly top near the 1.0600 threshold.

In a case where EUR/USD buyers manage to keep reins past 1.0600, June 10 high close to 1.0640 will be the last defense of the pair sellers before recalling the above 1.0700 area on the chart.

Alternatively, pullback moves remain elusive until the quote stays beyond an upward sloping trend line from June 15, around 1.0450. It’s worth noting that Friday’s low near 1.0440 offers extra support to watch.

Should EUR/USD bears conquer the 1.0440 support, the odds of witnessing a south-run towards the yearly low near 1.0360 can’t be ruled out.

EUR/USD: four-hour chart

Trend: Further upside expected


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