EUR/USD Price Analysis: Corrective pullback eyes 1.0760 hurdle

EUR/USD reverses pullback from a six-week-old resistance line.
Sustained trading beyond 200-SMA, firmer RSI hints at further recovery.
The previous support from mid-May also challenges bulls, 1.0460 appears a tough nut to crack for bears.
EUR/USD picks up bids to consolidate Fridayโ€™s losses as buyers eye another battle with the short-term key resistance line. That said, the major currency pair rises to 1.0727 during Mondayโ€™s initial Asian session.

The quoteโ€™s recent rebound takes clues from the steady RSI and improvement in the marketโ€™s risk appetite. However, the bulls need validation from a six-week-old downward sloping resistance line, around 1.0760 by the press time.

Even so, 50% Fibonacci retracement of the March-May downside, as well as the previous support line from May 13, respectively around 1.0770 and 1.0825, will challenge EUR/USD buyers.

Also acting as an upside filter is the 61.8% Fibonacci retracement level and a horizontal resistance area stretched from late March, close to 1.0870 and 1.0940 in that order.

Alternatively, pullback remains elusive until the quote stays beyond the 200-SMA level of 1.0611.

Additionally challenging the EUR/USD bears is the 1.0600 threshold and multiple supports marked since late April, surrounding 1.0470-60.

Overall, EUR/USD remains on the bullโ€™s radar but needs validation for further upside momentum.
EURUSDTrend Analysis

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