EUR/USD Price Analysis: Recovery moves eye 1.1950 inside immediate trading range

• EUR/USD bounces off intraday low to again attack 100-SMA.
• Downward sloping RSI probes buyers inside a fortnight-old pattern.
• Monthly bottom adds to the downside filters, Powell-Yellen Testimony eyed.

Following its pullback from 100-SMA during the early Asian session on Tuesday, EUR/USD remains depressed around 1.1925, down 0.05% intraday, ahead of the European session.

In doing so, the major currency pair keeps the trading range established since March 10. However, RSI fades recovery moves and tilts in favor of the bears ahead of the key US event.

Although cautious sentiment suggests pullback towards 1.1900, any further downside will be challenged by the stated trading range between 1.1870 and 1.1990.

Also acting as the downside filter could be the monthly bottom surrounding 1.1835 and the 1.1800 round-figure.

On the flip side, a clear break above the 100-SMA level of 1.1950 will eye cross the 1.1990 hurdle to the north.

It’s worth mentioning that EUR/USD upside past-1.1990 needs validation from the 1.2000 psychological magnet before eying the monthly top near 1.2110.

EUR/USD four-hour chart

Trend: Pullback expected