Following the greatest daily advances in a month, EUR/USD bulls take a breather.
On MACD conditions, more increases are expected, but bulls need to see a falling wedge confirmation to be convinced.
On the downside, the 200-SMA adds to the upside filters, allowing sellers to aim for the yearly bottom.
During the first Asian session on Thursday, the EUR/USD edged higher around 1.1835, forming a bullish chart pattern.
The currency major’s rebound from the previous day’s new bottom since early April reawakened bullish prospects, bolstered by the MACD line’s anticipated crossover to the signal indicator, indicating a positive run.
For the EUR/USD bulls to strive for a 200-SMA level of 1.1985, a clean breach of the 1.1860 figure, which comprises the indicated wedge’s upper line, is required.
The 1.1900 level and the late-June high near 1.1975 could act as intermediate halts on the rise.
Meanwhile, pullbacks will bring the 1.1800 round figure back to the chart before testing the support line of the bullish formation, which is around 1.1765.
If the EUR/USD market remains below 1.1765, sellers will be looking for the yearly bottom around 1.1700.
Recovery is predicted to continue./n
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