EUR/USD analysis: little room for gains

Valeria Bednarik FXStreet

EUR/USD Current price: 1.1787

Positive market mood points for another strong opening in Wall Street.
The longer-term bearish trend remains intact in the EUR/USD pair.

Dollar bulls are fighting back early US session, trying to recover some of the ground lost during the first half of the day. The EUR/USD pair, which topped for the day at 1.1829, is now breaking below the 1.1800 level, hovering around the figure. There were no macroeconomic releases coming from the EU, and the US calendar has little to offer, with just a regional manufacturing index scheduled for today. Market's mood is still quite positive, with European indexes sharply up and US ones poised for another solid opening after Monday's rally, although yields continue hovering around their weekly opening levels.

The short-term picture is neutral as in the 4 hours chart, technical indicators are around their midlines, with the Momentum heading north but the RSI losing upward strength, as the price hovers around a horizontal 20 SMA. In the same chart, the 100 and 200 SMA maintain their sharp bearish slopes well above the current level, suggesting that the pair has a long way ahead before turning bullish. The immediate support comes at 1.1740, with a break below it supporting a steady slide toward fresh 2018 lows.

Support levels: 1.1740 1.1695 1.1660

Resistance levels: 1.1840 1.1880 1.1920

View Live Chart for the EUR/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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