EUR/USD Price Analysis: 200-week MA is a stiff resistance

EUR/USD bulls need a break above the 200-week SMA.
The average has been capping gains since the end of May.

Omkar Godbole FXStreet Contributor

EUR/USD is trading near 1.1310 at press time, representing a 0.12% gain on the day, having failed to keep gains above the 200-week simple moving average (SMA) last week. Currently, the SMA is located at 1.1333.

The buyers have failed to establish a foothold above the 200-week SMA in five out of the last six weeks. Similar price action was seen in February, following which the pair fell to lows near 1.0630.

As such, the 200-week SMA is the level to beat for the bulls. A weekly close above higher will likely cause more buyers to join the market, possibly yielding a breakout above 1.15. Alternatively, another rejection could embolden sellers and shift the focus to support at 1.10.

Weekly chart

Trend: Bullish above 200-week SMA

Pivot Points

1. R3 1.1402
2. R2 1.1363
3. R1 1.1332
PP 1.1293
1. S1 1.1262
2. S2 1.1224
3. S3 1.1192

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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