EUR/USD Price Analysis: Sits quietly on bull’s radar around 1.0600

• EUR/USD treads water after bouncing off 1.0530 support confluence, as well as crossing short-term resistance line.
• Downbeat oscillators, 50-day EMA challenge Euro bulls amid a quiet session.
• Bears have a bumpy road on their return unless breaking 1.0440 mark.

EUR/USD bulls take a breather around 1.0600 during early Tuesday, after posting the biggest daily gain in nearly a month the previous day. Even so, the major currency pair remains on the way to posting the first monthly loss in five.

That said, the quote’s sustained bounce off the 1.0530 support confluence, as well as a clear upside break of the previous resistance line from February 14, keeps the short-term EUR/USD buyers hopeful.

It’s worth noting that the 50-day Exponential Moving Average (EMA) and 61.8% Fibonacci retracement level of the pair’s moves between late November 2022 and early February 2023 highlights 1.0530 as the key support.

However, the bearish MACD signals and downbeat RSI (14), as well as the EUR/USD pair’s recent inaction around the 1.0600 round figure, challenge the bulls below the 50-day EMA hurdle of 1.0665.

Hence, the EUR/USD remains on the bull’s radar but the recovery moves need validation from the 1.0665 hurdle, a break of which could quickly propel the quote towards the mid-February swing high surrounding 1.0800.

Meanwhile, a downside break of the resistance-turned-support line, near 1.0585 by the press time, could drag the pair back to the 1.0530 support confluence.

It should be noted that the pair’s weakness past 1.0530 could witness a bumpy road towards the south as lows marked during January 2023 and early December 2022 could challenge the bears around 1.0480 and 1.0440 in that order.

EUR/USD: Daily chart

Trend: Limited upside expected