EUR/USD Price Analysis: 100-HMA restricts immediate downside above 1.1800

• EUR/USD consolidates losses from 10-week high in a small range.
• 100-HMA, 38.2% of Fibonacci retracement challenges bearish MACD.
• Three-day-old horizontal resistance line guards immediate upside.

EUR/USD stays depressed in a choppy range above 1.1800, currently around 1.1810, during the early Tuesday. The pair surged to the fresh high since September 02 the previous day before portraying a U-turn from 1.1919.

The resulted declines presently eye a confluence of 100-HMA and 38.2% Fibonacci retracement of November 04-09 upside, near 1.1800-1795, amid bearish MACD signals.

Though, any further weakness past-1.1795 will direct the EUR/USD sellers towards 200-HMA and 61.8% Fibonacci retracement level, respectively near 1.1740 and 1.1720.

Meanwhile, the pair’s corrective recovery needs a clear break beyond the 1.1860 resistance level comprising a horizontal line from last Thursday.

Following that, the EUR/USD bulls will aim for the recent high of 1.1920 before targeting the 1.2000 psychological magnet and September’s peak close to 1.2010.

EUR/USD hourly chart

Trend: Pullback expected