EUR/USD Technical Analysis: This MA hurdle may hold the key for a notable corrective bounce

EUR/USD's post-Fed sell-off from the high of 1.1448 ran out of steam at 1.1184 on April 2. However, a strong corrective bounce continues to remain elusive with upside consistently being capped by 4H 50-candle moving average (MA), currently located at 1.1231.

4-hour chart

• As seen in the above chart, the persistent rejection at the 50-candle MA on April 3-4 was followed by a drop to 1.1206. A subsequent attempt to produce a stronger oversold bounce also failed with the pair running into offers above the key average line on Friday.
• So, a convincing move above that newfound average resistance of 1.1231 may entice buyers, leading to a quick move above 1.13.
• On the other hand, another rejection, if followed by a move below 1.12, could yield a drop to fresh multi-year lows below 1.1176 (Mach 7 low). 

Trend: Bullish 4H 50MA