EUR/USD: Balanced technical picture with resistance seen at 1.1860


EUR/USD is currently trading mostly unchanged on the day around the 1.1850 level, having hit a low of 1.1829 early on the day. Wednesday's 4-hour chart is painting a mixed picture for the pair, according to FXStreet’s analyst Yohay Elam who sets the key levels to watch.

Key quotes

“EUR/USD is trading around the 100 Simple Moving Average on the 4-hour chart and just above the 50 and 200 SMAs. Momentum has all but disappeared while the Relative Index is stable. The currency pair dropped below the uptrend support that accompanied it in the past week. All in all, the picture is balanced.” 

“Some resistance awaits at 1.1860, which provided support in recent days. It is followed by 1.19, which capped EUR/USD on Tuesday. Further above, 1.1920 was a swing high and 1.1965 is the next level to watch.”

“Support awaits at 1.1830, the daily low, followed by 1.1785, which was a trough early in the month. The next levels to watch are 1.1755, and 1.17, both double bottoms.”

 

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