- EUR/USD remains pressured around short-term key support, snaps two-day uptrend.
- The convergence of 50-SMA, a one-month-old ascending trend line puts a floor under the prices.
- Impending bear cross on MACD also keeps sellers hopeful.
In addition to the quote’s retreat from 1.0669, the looming bear cross on the MACD also teases the EUR/USD sellers of late.
However, a clear downside break of the 1.0620 support confluence comprising the 50-SMA and an upward-sloping trend line from late November becomes necessary for the EUR/USD sellers to retake control.
On the contrary, recovery moves need to stay beyond the latest swing high surrounding 1.0670 to direct the EUR/USD pair buyers toward the monthly high of 1.0736.
Also acting as an upside filter is May’s peak of around 1.0790 and the 1.0800 round figure.
Overall, EUR/USD is likely to return to the bear’s radar but a clear break of 1.0620 is necessary.
EUR/USD: Four-hour chart
Trend: Further downside expected
