EUR/USD Technical Analysis: Primed for a bullish recovery, but upside limited

• The EUR/USD is seeing a near-term bounce from a bottom at 1.1215, but the ceiling is capped off at the pair's last intraday swing high at 1.1275.
• EUR/USD Forecast: Remains vulnerable near 16-month lows amid Italian budgetary concerns

EUR/USD M5

• The past two weeks have seen the EUR/USD fall notably from a peak at the 1.1500 major handle, and the near-term pickup is seeing technical indicators beginning to flash overbought warnings already, and sellers could be populated from the 25-hour moving average at 1.1255.

EUR/USD M30

• The past two months see the Fiber in a firm downtrend, with swing highs remaining constrained by the 200-period moving average, but medium-term traders will note that technical indicator readings have been skidding across the floor for a full week, and a bullish rebound could be on the cards up to the 38.2% Fibo retracement level at 1.1325.

EUR/USD H4