EUR/USD could struggle to extend its recovery unless it clears 1.0250

EUR/USD has recovered toward 1.0200 following Friday's selloff. Nonetheless, sellers are ser to retain control as long as the 1.0250 resistance holds, FXStreet’s Eren Sengezer reports.

EUR/USD unlikely to gather bullish momentum unless it clears 1.0250

“EUR/USD faces interim resistance at 1.0230 (Fibonacci 38.2% retracement of the latest downtrend) ahead of 1.0250 (200-period SMA on the four-hour chart). With a four-hour close above the latter, buyers could show interest and open the door toward the next bullish target at 1.0300 (psychological level, Fibonacci 50% retracement).”

“On the downside, additional losses toward 1.0150 (Fibonacci 23.6% retracement) and 1.0100 (psychological level, static level) could be witnessed in case 1.0200 (100-period SMA, 50-period SMA) is confirmed as resistance.”