EUR/USD rebound contained, EUR retraced after testing the 200 Day SMA

EUR/USD Chart Analysis – The EUR/USD chart shows that the pair is just trading under the Pivot at 1.0358 and after testing the 200 Day moving average the pair dropped, failing to reach and stay above the 1.0500 resistance. After the 20-Day and 50-Day, SMA crossed the pair started its upside breakout and has now managed to break away from the 1.00 parity it was struggling under. The MACD indicator shows the pair is currently in the overbought territory. The Blue MACD line has gone higher and above the signal line. There is a clear sign on the chart that the downtrend is over EUR and is in breakout mode.

EUR/USD Chart Direction Bias – 1 Week

Trade Insights – EUR/USD

The chart shows viable short positions below the major pivot level at 1.0358 to first test the key support level at 1.0185. If Euro drops below the key support, then further short positions to test the support zone between 1.0080 to 1.0030.

Alternatively, Chart shows possible long positions above the major pivot level at 1.0358 with the first target of the key resistance level at 1.0480 and if Eur breaks through to further upside above the resistance level, then further long positions to test the Resistance zone between 1.0576 to 1.0630.