Rebounds near 1.0950 post recent losses, US economic data awaited

• EUR/USD recovers on the back of the weaker Greenback.
• The 1.1000 level could act as the psychological barrier before the two-month high at 1.1017.
• The seven-day EMA at 1.0922 emerges as the key support followed by the psychological level at 1.0900.

EUR/USD stages a recovery, bouncing back from the intraday low at 1.0929 incurred in the previous session. The Euro faced a challenge against the US Dollar (USD) due to the improved economic data emerging from the United States (US). As of the Asian hours on Thursday, the EUR/USD pair is trading higher, hovering around the significant level of 1.0950.

The Moving Average Convergence Divergence (MACD) indicates an overall positive momentum, as the MACD line is positioned above the centerline and the signal line. However, the 14-day Relative Strength Index (RSI) moves below the 50 mark. Investors may choose to exercise patience and wait for confirmation from this lagging indicator regarding the potential upward trend.

The EUR/USD pair could revisit the psychological resistance at the 1.1000 level, followed by the two-month high at 1.1017. The prevailing bullish sentiment, supported by the MACD, could reinforce the EUR/USD pair to surpass the psychological barrier and aim for a significant level at 1.1050.

Looking at the downside, the EUR/USD pair could find support at the seven-day Exponential Moving Average (EMA) at 1.0922 followed by the psychological support region around 1.0900. A firm break below the latter could inspire the bears of the pair to navigate around the 23.6% Fibonacci retracement level at 1.0884.

EUR/USD: Daily Chart