EURUSD – bulls faced headwinds but remain in play while 1.1500 support holds

EURUSD remains constructive and holding above 1.1500 mark (round-figure / broken upper bull-channel boundary) for the fourth consecutive day, despite Monday’s pullback from new highest since June 17 that warned of potential stall of the latest recovery rally from 1.1353 to 1.1559.

Bulls were so far unable to register a clear break above Fibo barrier at 1.1524 (38.2% of 1.1849/1.1324 descend) and additionally capped by falling trendline off 1.1849 (currently at 1.1533), but the following action found footstep at 1.1500 (guarding another significant support at 1.1465, provided by daily cloud base), keeping near term bias with bulls, despite fading bullish momentum and overbought stochastic on daily chart.

Weaker dollar contributes to Euro’s positively aligned near term outlook, though sustained break of 1.1524/33 pivots remain required to validate scenario and signal bullish continuation and unmask next barriers at 1.1567 (100DMA); 1.1586 (daily cloud top) and 1.1627 (200DMA) in extension.

Res: 1.1540; 1.1567; 1.1586; 1.1627
Sup: 1.1500; 1.1465; 1.1448; 1.1433