EUR/USD Technical Analysis: Fades a bullish spike to 1.1620 confluence resistance

   •  The pair faded a knee-jerk bullish spike to over two-week tops and quickly retreated around 35-40 pips from an important confluence resistance near the 1.1620 region.

   •  The mentioned hurdle, comprising of 50% Fibonacci retracement level of the 1.1815-1.1432 downfall and 100-period SMA on the 4-hourly chart has been a tough nut to crack for the bulls.

   •  With technical indicators on the mentioned chart holding in bullish territory, a convincing breakthrough sets the stage for some aggressive short-covering rally in the near-term.

   •  Alternatively, a convincing break below the 1.1535-30 support, held over the past two trading session and coinciding with 50-period SMA, will turn the pair vulnerable to resume with its prior depreciating move.
 

EUR/USD 4-hourly chart