EUR/USD Price Analysis: Bulls struggle to force a break above key average hurdle

Single currency is again struggling to topple resistance of 10MA on the 4-hour chart.
Rejection could fuel a drop toward October lows near 1.0880.

Omkar Godbole FXStreet Contributor

EUR/USD defended 1.09 on Tuesday, but the bulls are not out of the woods yet, as a key average hurdle is still intact.

The 10-candle moving average (MA) on the 4-hour chart is again proving a tough nut to crack. That average has consistently reversed recovery attempts over the last ten days.

At press time, the spot is trading at the crucial MA hurdle of 1.0915, having hit a high of 1.0925 in the overnight trade.

The latest failure to keep gains above the average hurdle has opened the doors for a re-test of the Oct. 1 low of 1.0878.

On the flip side, a convincing 4H close above the key average would mean a temporary low has been made below 1.09 and could yield a notable corrective bounce to 1.0950.

4-hour chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.0914
Today Daily Change	-0.0006
Today Daily Change %	-0.05
Today daily open	1.092

Trends
Daily SMA20	1.1039
Daily SMA50	1.1093
Daily SMA100	1.1069
Daily SMA200	1.1121

Levels
Previous Daily High	1.0925
Previous Daily Low	1.0891
Previous Weekly High	1.1089
Previous Weekly Low	1.0942
Previous Monthly High	1.1225
Previous Monthly Low	1.0992
Daily Fibonacci 38.2%	1.0912
Daily Fibonacci 61.8%	1.0904
Daily Pivot Point S1	1.0899
Daily Pivot Point S2	1.0878
Daily Pivot Point S3	1.0865
Daily Pivot Point R1	1.0933
Daily Pivot Point R2	1.0946
Daily Pivot Point R3	1.0967

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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