Inside a bullish chart pattern, the EUR/USD struggles to recover from late Thursday’s rally.
Multiple resistances and a sluggish MACD imply continued sideways grinding for the bulls.
In the early hours of Friday morning in Asia, the EUR/USD remains under pressure, having been sidelined of late. It is currently trading at 1.1810. While holding inside a three-week-old falling wedge bullish shape, the currency-major pair failed to extend its comeback from a three-month low the previous day.
Because of the weak MACD indications and the rocky route to the north, EUR/USD may remain depressed near the 1.1800 level.
Bears, on the other hand, are likely to face repeated assaults from the formation’s support around 1.1760, which, if broken, might reintroduce the yearly low near 1.1700.
Meanwhile, a bullish pattern with an upside clearance of 1.1850 will be confirmed, implying a theoretical upside of 1.2050. The EUR/USD bulls will have a tough time breaking through the 200-SMA and late June’s peak near 1.1970-75.
Overall, EUR/USD bears appear to have grown tired of late, although bulls face various entry hurdles.
Sideways is the current trend./n
Read More
