EUR/USD clings to recovery gains around 1.0900 as US Dollar struggles

EUR/USD is hovering around 1.0900, as the Euro bulls manage to regain control early Tuesday. The US Dollar struggles to find demand amid a mixed market mood and sluggish US Treasury bond yields. Mid-tier US data, Fedspeak eyed.

The daily chart for the EUR/USD pair shows that technical indicators turned flat within positive levels after a corrective decline, suggesting limited selling interest. At the same time, the pair keeps developing above bullish moving averages, with the 20 Simple Moving Average (SMA) now converging with long-term Fibonacci support, the 61.8% retracement of the 2022 yearly decline at 1.0745.

The 4-hour chart shows that bulls are battling to regain control. Technical indicators changed course after nearing oversold readings and currently head north above their midlines, although with limited strength. Meanwhile, the 100 SMA maintains its bullish slope below the aforementioned daily low, but EUR/USD struggles to overcome a directionless 20 SMA. Buyers could have better chances if the pair breaks through 1.0910, the immediate resistance level.

Support levels: 1.0830 1.0790 1.0750

Resistance levels: 1.0910 1.0950 1.1000

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