• EUR/USD picks up bids to refresh intraday high, approaches three-week-old resistance line.
• Receding bearish bias of MACD, sustained rebound from 50% Fibonacci retracement level strengthen upside hopes.
• Two-month-old ascending trend line, 50-DMA restrict short-term downside.
• Golden ratio, May 2022 peak act as additional upside filters inside megaphone trend-widening pattern.

EUR/USD holds onto the US NFP-led bullish bias as it marches towards 1.0700 during early Monday, up 0.30% intraday near 1.0680 by the press time.

In doing so, the major currency pair extends the previous day’s U-turn from a 50% Fibonacci retracement level of the February-September 2022 downside to approach a one-month-old resistance line, close to the 1.0700 by the press time.

It’s worth noting that the EUR/USD pair’s successful trading above the 50-DMA and the recently easing bearish bias of the MACD also favor the bulls.

However, the 61.8% Fibonacci retracement level surrounding 1.0745, also known as the “Golden Ratio”, precedes the May 2022 peak of 1.0786 to challenge the EUR/USD bulls.

Following that, the 1.0800 round figure could act as the last defense of the EUR/USD bears before directing the quote towards the late April 2022 high near 1.0935.

On the flip side, an upward-sloping trend line from early November 2022, close to 1.0560 at the latest, restricts short-term EUR/USD pullback.

However, the pair sellers will need a successful break of the 50% Fibonacci retracement level and the 50-DMA, close to 1.0510 and 1.0425 in that order, to retake control.

EUR/USD: Daily chart

Trend: Further upside expected