EUR/USD picks up bids to pare recent losses inside a trend continuation pattern.
Two-week-old symmetrical triangle limits immediate Euro moves below 200-EMA hurdle.
Bearish MACD signals, sustained trading below the key EMA keeps sellers hopeful.
EUR/USD licks its wounds around 1.0600 after posting the biggest daily fall in nearly a month. That said, the Euro pair bounces off the support line of the two-week-long symmetrical triangle during early Friday while paring the previous day’s losses.
It’s worth noting, however, that the bearish MACD signals join the major currency pair’s sustained trading below the 200-Exponential Moving Average (EMA) to challenge the bull's bias.
As a result, the latest rebound appears difficult below the aforementioned triangle’s top line of near 1.0675, as well as the 200-EMA level surrounding 1.0685.
In a case where the EUR/USD price rallies beyond the 1.0685 hurdle, the 1.0700 threshold may act as a validation point for the run-up targeting the mid-February swing high surrounding 1.0800.
On the contrary, a downside break of the stated triangle’s lower line, around 1.0580 by the press time, could join the bearish MACD signals to recall the EUR/USD sellers.
In that situation, the weekly low surrounding 1.0530 could challenge the pair’s further downside ahead of January’s bottom near 1.0480.
Overall, EUR/USD traders can ignore the pair’s latest rebound unless the quote breaks the 1.0685 hurdle. However, the downside room appears limited.
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