EURUSD Testing Moving Average Support Beneath Key Fib ResistanceEuro / U.S. DollarFOREXCOM:EURUSDFOREXcomEURUSD on the daily chart is holding in a constructive but still mixed structure after recovering from the March low. Price is trading around both the 50-day and 200-day SMAs, with the 50 SMA slightly below recent candles and the 200 SMA acting as nearby dynamic support. That alignment suggests the pair is trying to stabilize rather than trend aggressively in either direction. A few technical elements stand out here. First, the market has already broken the prior descending trendline that guided the pullback from the January high, which shifted the short-term structure away from clear bearish continuation. Second, the recent rebound stalled just under the 61.8% Fibonacci retracement near 1.1826, showing that this area is still acting as an important ceiling. The larger horizontal resistance around 1.2000 also remains untouched, so the broader upside still faces meaningful overhead supply. Momentum readings are relatively neutral. RSI is near 53, which points to modest bullish pressure but not an overextended condition. MACD is slightly positive, though the lines are flattening and converging, which may reflect slowing upside momentum after the April rebound. Overall, the chart looks cautiously neutral-to-bullish while price remains around the two major moving averages and above the March recovery structure. A sustained move back above the 61.8% retracement would improve bullish continuation signals, while failure to hold the moving average cluster could put the recent recovery phase back into question. -MW