The EURUSD pair, currently at a rate of 1.08281, continues to show a lack of excitement after rebounding from a support line that has been rising for the past 5.5 months. It has now retraced from its recent intraday high. According to the opinion of @nehcap, there is not much potential for upward movement.

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• EUR/USD remains lackluster after bouncing off 5.5-month-old rising support line, reverses from intraday high of late.

The pair currently trades last at 1.08281.

The previous day high was 1.0822 while the previous day low was 1.0794. The daily 38.2% Fib levels comes at 1.0811, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0805, expected to provide support.

EUR/USD reverses from intraday high despite lacking upside momentum during very early Tuesday morning in Europe. Even so, the Euro pair remains on the bull’s radar while flashing 1.0825 as a quote by the press time, as it defends the previous day’s U-turn from an upward-sloping support line from March 15.

Apart from the U-turn from an important support line, the receding bearish bias of the MACD signals and the nearly oversold RSI (14) line also keeps Euro buyers hopeful as they await Germany’s GfK Consumer Confidence Survey for September, expected -24.3 versus -24.4 prior. Following that, the US Conference Board’s (CB) Consumer Confidence Index for August, expected at 116.2 versus prior 117.00, will entertain the intraday traders of the pair.

Also read: EUR/USD: Euro bulls approach 1.0850 as US Dollar traces softer yields, focus on German/US statistics

It’s worth noting that a convergence of the 10-DMA and a 13-day-long falling trend line guards immediate recovery of the EUR/USD pair near 1.0850.

Following that, the 21-DMA and a descending resistance line from July 18, close to 1.0910, will be the last defense of the Euro bears.

Alternatively, the EUR/USD sellers need a daily closing beneath the previously stated key support line, around 1.0770 by the press time.

Even so, a horizontal support zone comprising multiple levels marked since March 13, near 1.0765–50, appears a tough nut to crack for the pair.

To sum up, EUR/USD buyers remain hopeful but the upside needs a strong fundamental push to cross the sturdy hurdles.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0824 at the time of writing. Pair opened at 1.0819 and is trading with a change of 0.05% % .

The pair is trading below its 20 Daily moving average @ 1.091, below its 50 Daily moving average @ 1.0975 , below its 100 Daily moving average @ 1.0927 and above its 200 Daily moving average @ 1.0806

The previous day high was 1.0822 while the previous day low was 1.0794. The daily 38.2% Fib levels comes at 1.0811, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0805, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0801, 1.0783, 1.0772
• Pivot resistance is noted at 1.083, 1.084, 1.0859

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