EUR/USD Price Analysis: 200-HMA exerts downside pressure towards 1.1900
|- EUR/USD wobbles in a choppy range above 1.1900.
- Failures to cross 200-HMA, sustained trading below short-term resistance line favor sellers.
- Bulls have multiple hurdles to conquer, bears aim for fresh monthly low.
The EUR/USD seesaws near 1.1920-25 during a sluggish Asian session on Tuesday. The major currency pair’s subdued moves can be linked to the failure to extend the bounce off 1.1902 beyond 200-HMA.
In addition to the pullback from 200-HMA, a sustained trading below a downward sloping trend line from June 11, as well as normal RSI, also keeps EUR/USD sellers hopeful.
However, a clear break of the 1.1900 threshold becomes necessary for the sellers’ conviction to battle the monthly low, also the lowest since early April, near 1.1845.
During the fall, 1.1880 may offer an intermediate halt whereas the early March low near 1.1835 adds to the downside filters.
Meanwhile, an upside break of 200-HMA near 1.1930 enables the EUR/USD buyers to attack the stated resistance line close to 1.1970.
Though, Friday’s top near 1.1975 and June 17 peak surrounding the 1.2000 threshold act as extra challenges for the pair bulls.
EUR/USD hourly chart
Trend: Further weakness expected
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