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Technical Analysis: EURUSD struggles to extend the dip below 28-month-old support line

Having slumped to the lowest in three years, EURUSD seems to pare losses while bouncing off the multi-month-old support line. The pullback can recall 1.0970 immediate resistance ahead of challenging the 61.8% Fibonacci retracement level of 1.1180. However, buyers are less likely to be pleased unless the pair crosses a 200-week SMA level of 1.1345 on the closing basis.

Meanwhile, a weekly close beneath the said trend line, currently near 1.0730, might not hesitate to challenge the April 2017 lows near 1.0570. It should, however, be noted that the bottoms marked during January and February 2017, respectively near 1.0340 and 1.0490 could question the sellers below 1.0570.

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