EUR/USD Recovery Faces Resistance Near 1.1675 Level

On the 4-hour chart, EUR/USD managed to break above the 38.2% Fibonacci retracement level of the decline from the 1.1672 swing high to the 1.1324 low. However, the recovery has stalled as sellers remain active around the 1.1675 area, which coincides with the 100-period simple moving average (SMA).

The pair's ability to hold above the retracement level suggests some underlying bullish momentum, but the repeated rejection at resistance indicates that the path higher is not smooth. A sustained break above 1.1675 would be needed to signal further upside, while failure could lead to a retest of recent lows.