EUR/USD Price Analysis: Bulls concentrate on 11-week-old resistance near 1.0190

EUR/USD prints three-day uptrend near monthly high, sidelined of late.
Buyers seem running out of steam but sustained trading beyond 200-SMA, weekly support line push back bearish hopes.
Previous monthly high could lure further upside, bears have a bumpy road to return.

Anil Panchal FXStreet

EUR/USD bulls take a breather around a one-month high, retreating to 1.0135 during a three-day uptrend to Tuesday’s Asian session. In doing so, the major currency pair prints the cautious mood of traders ahead of the key US inflation data.

The quote rose to the highest levels in one month before retreating from a downward sloping resistance line stretched from June 27. Even so, the weekly support line triggered the EUR/USD pair’s rebound.

That said, the quote’s sustained trading above the 200-SMA and bullish MACD signals also keep the pair buyers hopeful.

However, a clear upside break of the aforementioned resistance line, around 1.0190, becomes necessary for the EUR/USD bulls to keep reins. Following that, a run-up towards the August month high near 1.0365-70 can’t be ruled out.

Alternatively, a downside break of the weekly support line, close to 1.0120 by the press time, needs validation from the 200-SMA level near 1.0095 to recall the EUR/USD bears.

Even so, the parity level, the 0.9950 and the 0.9900 threshold could challenge the quote’s further weakness before directing the sellers towards the yearly low near 0.9860.

EUR/USD: Four-hour chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	1.0133
Today Daily Change	0.0010
Today Daily Change %	0.10%
Today daily open	1.0123

Trends
Daily SMA20	1.0013
Daily SMA50	1.0114
Daily SMA100	1.034
Daily SMA200	1.0757

Levels
Previous Daily High	1.0198
Previous Daily Low	1.0043
Previous Weekly High	1.0114
Previous Weekly Low	0.9864
Previous Monthly High	1.0369
Previous Monthly Low	0.9901
Daily Fibonacci 38.2%	1.0139
Daily Fibonacci 61.8%	1.0102
Daily Pivot Point S1	1.0044
Daily Pivot Point S2	0.9966
Daily Pivot Point S3	0.989
Daily Pivot Point R1	1.0199
Daily Pivot Point R2	1.0276
Daily Pivot Point R3	1.0354

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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