Traceability information is a fundamental prerequisite for many essential software maintenance and evolution tasks, such as change impact and software reusability analyses. However, manually generating traceability information is costly and error-prone. Therefore, researchers have developed automated approaches that utilize textual similarities between artifacts to establish trace links. These approaches tend to achieve low precision at reasonable recall levels, as they are not able to bridge the semantic gap between high-level natural language requirements and code. We propose to overcome this limitation by leveraging fine-grained, method and sentence level, similarities between the artifacts for traceability link recovery. Our approach uses word embeddings and a Word Mover's Distance-based similarity to bridge the semantic gap. The fine-grained similarities are aggregated according to the artifacts structure and participate in a majority vote to retrieve coarse-grained, requirement-to-class, trace links. In a comprehensive empirical evaluation, we show that our approach is able to outperform state-of-the-art unsupervised traceability link recovery approaches. Additionally, we illustrate the benefits of fine-grained structural analyses to word embedding-based trace link generation.