• EUR/USD consolidates the previous day’s losses around weekly bottom.
• Eight-day-old support line, 100-SMA probe sellers amid bearish MACD.
• Bulls need a clear break of 1.2245 for fresh entries.

EUR/USD picks up bids to 1.2195, licking the previous day’s wounds, amid the initial Asian session trading on Thursday. The currency-major pair refreshed the weekly bottom before bouncing off an ascending support line from May 17 on Wednesday.

That said, the quote’s latest recovery needs to ignore bearish MACD signals and cross the 50-SMA level of 1.2202 to stay on the table.

Following that, a one-week-old horizontal resistance as well as the monthly top, respectively around 1.2245 and 1.2266, will be the key to watch before aiming for the yearly peak surrounding 1.2350.

Meanwhile, a clear downside break of the stated support line near 1.2185 will drag the EUR/USD prices to a 100-SMA level of 1.2150.

However, any further weakness below 1.2150 will have the 1.2100 threshold and 1.2080 as intermediate halts to witness before challenging the mid-May bottom close to 1.2050.

Overall, EUR/USD bears have a long battle to fight before retaking the controls.

EUR/USD FOUR-HOUR CHART