EUR/USD technical analysis: 50-HMA holds the key to 1.1236/31 support-area
|- Failure to cross 1.1287/94 resistance-zone triggered the EUR/USD pair’s pullback.
- 100-HMA, early week tops constitute short-term key support region.
Having failed to clear 1.1287/94 resistance-area, the EUR/USD pair drops to 50-hour moving average (HMA) as it takes the rounds to 1.1250 during early Friday.
Sellers can aim for 1.1236/31 support region, including early-week high and 100-HMA, should prices decline below 1.1248 immediate support.
In a case where prices keep trading southwards past-1.1231, current month low near 1.1193 could be aimed if holding short positions.
On the contrary, 1.1287/94 area including multiple highs since early-month and 50% Fibonacci retracement of the pair’s decline since June 28 can keep the short-term upside limited.
Though, pair’s rally past-1.1294 might not refrain from questioning 61.8% Fibonacci retracement level of 1.1317 and July 01 top surrounding 1.1360.
EUR/USD hourly chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.