EUR/USD Price Analysis: Bounces off previous resistance to regain 1.1850

• EUR/USD consolidates weekly losses, refreshes intraday top of late.
• Bullish MACD signals back the U-turn from 10-week-old resistance-turned-support.

EUR/USD snaps two-day downtrend, picking up bids around 1.1850 during early Wednesday. That being said, the major currency pair bounces off the previous resistance line from June 25 to print 0.06% intraday gains at the latest.

Given the bullish MACD and a sustained U-turn from the near-term key support line, EUR/USD prices may extend the latest recovery towards the monthly high of 1.1910.

However, 100-DMA near 1.1950 and late June’s top surrounding 1.1975 act as important challenges for the pair buyers afterward.

It’s worth noting that a horizontal area from June 30 adds strength to the 1.1910 resistance.

Meanwhile, a downside break of the immediate support line, near 1.1830 needs to conquer the 50-DMA level of 1.1800 before recalling the EUR/USD bears.

Following that, the 1.1750 and the 1.1700 levels may offer intermediate halts during the fall before highlighting the yearly bottom close to the 1.1665 mark.

Overall, EUR/USD bulls remain hopeful but have a bumpy road to the north.

EUR/USD: Daily chart

Trend: Further recovery expected