- EUR / USD maintains recoveries from a short-term rising trend line.
- 61.8% of Fibonacci retracements act as immediate resistance.
- A new drawback below the support line can refresh the monthly low.
EUR / USD rebounds on a short-term support trend line while trading around 1.0805 in Friday’s Asian session.
That said, the pair is currently targeting 61.8%. Fibonacci upward retracement from April 24 to May 01, around 1.0840.
However, an SMA retracement of 200 bars and a Fibonacci retracement of 50%, respectively around 1.0865 and 1.0875, could keep buyers in check.
Meanwhile, a bearish break below the rising trend line from April 24, now close to 1.0785, may refresh the monthly low of 1.0767 while the April low towards 1.0725 / 30 can challenge the bears afterwards.
Four-hour EUR / USD chart
Trend: expected decline