EUR/USD: Uptrend support fades downside potential
|EUR/USD consolidates a tepid bounce from two-day lows near 1.1260 as Wednesday's 4-hour chart is showing uptrend support underpinning the pair, FXStreet’s analyst Yohay Elam reports.
Key quotes
“EUR/USD is trading above the long-term support line running from late May, as well as alongside a steeper one that was formed in early July when it bottomed out at 1.1185. Moreover, momentum on the 4-hour chart remains to the upside and the pair is holding above the 50, 100, and 200 Simple Moving Averages.”
“Resistance is at 1.13, which capped the currency pair last week. It is followed by the critical 1.1350 level – a double top.”.
“Support is at 1.1260, the daily low, followed by 1.1220, a support line from last week.”
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