• EUR/USD seesaws around seven-month high as the key resistance line challenges bulls.
• Successful trading beyond seven-week-old ascending trend line, impending bulls cross on MACD keep buyers hopeful.
• Sellers need validation from 50-day EMA to retake control.

EUR/USD bulls appear running out of steam as they jostle with an important resistance around 1.0730 during early Tuesday. In doing so, the major currency pair makes rounds to the seven-month high while probing a two-day uptrend.

That said, a downward-sloping resistance line from late May 2022, around 1.0730, joins the looming bull cross on the MACD indicators to keep the EUR/USD buyers hopeful.

However, the mid-2022 peak surrounding 1.0790 and the 1.0800 threshold act as extra filters towards the north before directing the EUR/USD prices to April 2022 peak near 1.0936.

In a case where the EUR/USD pair remains firmer past 1.0936, the 1.1000 psychological magnet will be in focus.

Alternatively, pullback moves may initially aim for a seven-week-long support line, close to 1.0540 to convince the EUR/USD bears.

Even so, the 50-day Exponential Moving Average (EMA) level surrounding 1.0460 could act as an extra downside buffer to probe the sellers.

It should be noted that the tops marked during August 2022 and lows of November 2022, close to 1.0370 and 1.0220 in that order, could act as the last defense of the EUR/USD buyers.

EUR/USD: Daily chart

Trend: Further upside expected