EUR/USD Price Analysis: Bears lack fuel, bulls need 1.1840 breakout

EUR/USD remains reluctant to extend the south-run near multi-day low.
Bullish chart pattern, gradually firming Momentum keep buyers hopeful.
100-SMA adds to upside filters, weekly falling trend line restricts immediate losses.

Anil Panchal FXStreet

EUR/USD dropped to the fresh low since early April before portraying a short-covering move that extends to Wednesday’s Asian session.

By the press time, the major currency pair seesaws around 1.1780, staying inside a monthly falling wedge bullish chart pattern.

Considering the quote’s latest bounce off multi-day low, backed by a short-term support line and recovering Momentum, EUR/USD prices may witness further short-covering moves.

In doing so, the stated wedge’s upper line and 100-SMA, respectively around 1.1825 and 1.1840, become the key.

Following that, the corrective pullback may aim for late June’s top surrounding 1.1975 and the 1.2000 psychological magnet.

Alternatively, an immediate falling trend line support and the wedge’s lower line, close to 1.1760 and 1.1735 in that order, could challenge EUR/USD intraday sellers.

However, a clear downside past 1.1735 won’t hesitate in refreshing the yearly low surrounding the 1.1700 threshold.

EUR/USD: Four-hour chart

Trend: Corrective pullback expected

Additional important levels

Overview
Today last price	1.1782
Today Daily Change	-0.0019
Today Daily Change %	-0.16%
Today daily open	1.1801

Trends
Daily SMA20	1.1861
Daily SMA50	1.2027
Daily SMA100	1.1987
Daily SMA200	1.2006

Levels
Previous Daily High	1.1824
Previous Daily Low	1.1764
Previous Weekly High	1.188
Previous Weekly Low	1.1772
Previous Monthly High	1.2254
Previous Monthly Low	1.1845
Daily Fibonacci 38.2%	1.1787
Daily Fibonacci 61.8%	1.1801
Daily Pivot Point S1	1.1768
Daily Pivot Point S2	1.1735
Daily Pivot Point S3	1.1707
Daily Pivot Point R1	1.1829
Daily Pivot Point R2	1.1857
Daily Pivot Point R3	1.189

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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