EUR/USD Technical Analysis: Positive beyond 1.1110/15 support-confluence

• EUR/USD fails to extend the previous recovery.
• 200-hour EMA, three-week-old rising trend line questions the latest declines.
• Bearish MACD, failure to stay strong beyond 1.1200 keep the sellers hopeful.

EUR/USD declines to 1.1135 during the initial Asian session on Tuesday. The pair has gradually been declining since last Thursday. However, 200-hour Exponential Moving Average (EMA) and an upward sloping trend line since November 29 could question sellers.

In doing so, the 1.1110/15 area becomes the key to watch. If the quote slips below the key technical indicators’ confluence, a fresh downpour to 61.8% Fibonacci retracement of late-November to early-December, at 1.1065, can’t be denied.

Also supporting the sellers are bearish signals from the 12-bar Moving Average Convergence and Divergence (MACD).

Meanwhile, a three-day-old descending trend line and 23.6% Fibonacci retracement limits the quote’s immediate upside around 1.1150.

Also questioning buyers is the 1.1200 round-figure that holds the key to August month top surrounding 1.1250.

EUR/USD hourly chart

Trend: Pullback expected