EUR/USD technical analysis: Upside capped by 6-week long descending trend-line
|- EUR/USD aims to revisit 4H 100MA after taking another U-turn from near-term resistance-line.
- While 1.1283/87 can please buyers during upside break, 23.6% Fibonacci retracement can lure during post-1.1158 declines.
Having registered another failure to cross six-week-old descending trend-line, EUR/USD trades near 1.1180 during Wednesday morning in Asia.
100-bar moving average on the four-hour chart (4H 100MA) becomes the immediate support to watch, at 1.1158 now, a break of which can recall 23.6% Fibonacci retracement of June – August south-run, around 1.1118.
It should, however, be noted that the pair’s decline below 1.1118 might not refrain from challenging 1.1070 and 1.1030/27 during further weakness.
Alternatively, pair’s run-up beyond 1.1128 resistance-line can take a halt at 61.8% Fibonacci retracement level of 1.1265 ahead of confronting 1.1283/87 area comprising mid-July tops.
EUR/USD 4-hour chart
Trend: Sideways
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.