EUR/USD: Hardy double-bottom at 1.1190 provides support


EUR/USD is trading just under flat at around 1.1231 as Wednesday's 4-hour chart is showing a double-bottom is supporting the pair. Yohay Elam, an analyst at FXStreet, sets the initial resistance at 1.1265.

Key quotes

“EUR/USD has returned to trading above the uptrend support line after a quick dip. It received support at 1.1190 – which is now a robust double-bottom. Momentum on the 4-hour chart has all but disappeared and the Relative Strength Index is balanced at around 50.” 

“Initial resistance awaits at 1.1265, which was a swing high on Tuesday and where the 100 Simple Moving Average hits the price. The next cap is a 1.1285, the weekly high.”

“Below the double-bottom of 1.1190, the next cushion is close – 1.1165, a low point earlier in June. Further down, the next support line is only at 1.1075, dating back to early last month.”

 

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