• EUR/USD bounces off lows near the 1.0800 mark.
• Bets for another test of the 2023 high seem to be losing ground.

EUR/USD manages to reverse the earlier pullback to 2-week lows near the 1.0800 region on Tuesday.

If the downside picks up pace, then the next support of note is seen emerging at the weekly low at 1.0766 (January 18) prior to the 3-month support line just above 1.0700.

The continuation of the uptrend now needs to clear the 2023 high at 1.0929 (January 26) to allow for a test of the weekly top at 1.0936 (April 21 2022). A sustainable break above this level could pave the way for a challenge of the key barrier at 1.1000

In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0311.

EUR/USD daily chart