The American dollar is still under pressure against most of its rivals, but the common currency refuses to advance, shedding its overnight gains at the beginning of the European session.
View the Live chart of the EUR/USD
The 4 hour chart however, shows that the price is bouncing from 1.1221, the session low and the 20 SMA, although the technical indicators maintain their bearish slopes around their mid-lines. The EUR/USD pair needs to extend beyond the mentioned daily high to be able to rally up to 1.1335, a strong static resistance level, whilst additional gains above this last will open door for a steadier rally up to the 1.1400 price zone.
To the downside, the pair needs to break the 1.1200 support to be able to extend its decline down to the 1.1160/70 price zone, where a daily ascendant trend line coming from 1.1104 should contain the decline.
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