EUR/USD Price Analysis: Better bid in Asia, 1.19 is key resistance

EUR/USD has failed twice in the last week to keep gains above 1.19.
The pair looks overbought as per key indicators.

Omkar Godbole FXStreet Contributor

EUR/USD is trading near 1.1880 at press time, representing 0.16% gains on the day.

The pair failed to establish a secure foothold above the 1.19 mark on Thursday, having failed to close above that level on July 31.

As such, 1.19 is the key resistance. A sustained move past that hurdle is needed to restore the bullish bias and open the doors to 1.2042 (July 2012 low).

Alternatively, another rejection above 1.19 could cause some buyers to exit the market and yield a notable pullback. Take note that the relative strength index on the daily and 4-hour charts is reporting overbought conditions with an above-50 print. As a result, a correction cannot be ruled out.

On the downside, the higher low of 1.1696 created on Aug. 3 is the level to beat for the bears.

Daily chart

Trend: Bullish above 1.19

Technical levels

EUR/USD

Overview
Today last price	1.1881
Today Daily Change	0.0018
Today Daily Change %	0.15
Today daily open	1.1863

Trends
Daily SMA20	1.1583
Daily SMA50	1.1383
Daily SMA100	1.1132
Daily SMA200	1.1099

Levels
Previous Daily High	1.1905
Previous Daily Low	1.1793
Previous Weekly High	1.1909
Previous Weekly Low	1.1642
Previous Monthly High	1.1909
Previous Monthly Low	1.1185
Daily Fibonacci 38.2%	1.1862
Daily Fibonacci 61.8%	1.1836
Daily Pivot Point S1	1.1802
Daily Pivot Point S2	1.1742
Daily Pivot Point S3	1.169
Daily Pivot Point R1	1.1915
Daily Pivot Point R2	1.1966
Daily Pivot Point R3	1.2027

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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