EUR/USD Price analysis: Further upside hinges on 1.0200 breakout

• EUR/USD remains sidelined after posting the bullish Doji candlestick the previous day.
• 21-DMA, bullish MACD signals favor recovery moves targeting 1.0200 resistance confluence.
• Two-month-old descending trend line appears tough nut to crack for bulls.

EUR/USD treads water as markets turn cautious ahead of the key data/events. Among them, Thursday’s European Central Bank’s (ECB) monthly economic bulletin and Friday’s US Nonfarm Payrolls (NFP) are the key events. That said, the Major currency pair seesaws around 1.0180 heading into Thursday‘s European session.

Also read: EUR/USD: Wednesday’s Doji, ECB Economic Bulletin teases buyers below 1.0200

It should be noted that the quote’s latest rebound takes clues from the bullish MACD signals and Wednesday Doji candlestick. Also supporting the EUR/USD rebound is the 21-DMA.

However, a convergence of the 10-DMA and previous support line from July 14, around 1.0200, Will be an important resistance for the EUR/USD buyers to retake control.

Even so, a downward sloping resistance line from early June, at 1.0250 by the press time, could challenge the pairs’ further advances.

Alternatively, the 21-DMA support level of 1.0157 restricts immediate support ahead of the 1.0100 mark, a break of which could quickly redirect the EUR/USD bears towards the yearly low near 0.9950.

It’s worth noting that the parity level near 1.0000 will act as an intermediate halt during the pair’s downside past 1.0100.

EUR/USD: Daily chart

Trend: Further recovery expected