This medium-term bearish development is fashioned by a string of decrease highs notched on 06 January and 26 February. EUR/USD seems to be respecting this technical barrier as far as the main forex pair pulls again from nine-week highs. To not point out, euro softness in opposition to its US greenback peer precipitated the 20-week easy transferring common (SMA) to roll over, leaving the technical indicator with a unfavourable slope now.
The EUR/USD value motion might thus look to tag confluent help underpinned by its 23.6% Fibonacci retracement of the March 2020 to January 2021 buying and selling vary. Failure to keep up this space of buoyancy might convey year-to-date lows again into focus for Euro bears. Alternatively, reclaiming the 20-week transferring common and eclipsing medium-term trendline resistance might open up the door for EUR/USD to rebound towards its higher Bollinger Band.