Technical Analysis: EURUSD steps back from 200-SMA but 1.1810 can test the bears

Technical Analysis: EURUSD steps back from 200-SMA but 1.1810 can test the bears

EURUSD recovery from April-start couldn’t cross 200-SMA as overbought RSI triggered the currency major pair’s pullback. However, a short-term ascending trend channel could keep sellers cautious unless breaking 1.1810 channel-support. Even so, 1.1780 and 1.1735 are extra filters to the south before dragging the quote towards the monthly low, also lowest since November, near the 1.1700 threshold.

Meanwhile, 38.2% Fibonacci retracement and 200-SMA confluence around 1.1910 guards the quote’s immediate rise ahead of the resistance line of the stated channel from March 29, surrounding 1.1955. Even if the EURUSD buyers manage to cross 1.1955, a horizontal area comprising multiple levels marked since March 02, close to 1.1990, will be the key to watch.

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