EUR/USD Price Analysis: Bumpy road for the bulls around 1.1900

EUR/USD teases weekly high while eyeing a 12-day-old resistance line.
An ascending trend line from November 17 also challenges the bulls.
200-HMA, immediate rising support line can probe the pullback moves.

Anil Panchal FXStreet

EUR/USD buyers attack 1.1900 as markets in Tokyo open for Wednesday’s trading. In doing so, the major currency pair not only tests the weekly top but also targets a descending trend line from November 09.

Considering the bullish MACD and the quote’s ability to stay above 200-HMA, the EUR/USD bulls are likely to keep the baton and break the 1.1905 immediate resistance line.

However, another upward sloping trend line resistance, at 1.1910 now, as well as the monthly high near 1.1920, could offer a noisy run-up beyond 1.1900.

On the flip side, an ascending support line from Monday, at 1.1860, near to the 200-HMA level of 1.1852, can restrict the pair’s pullback moves.

It should, however, be noted that any further weakness past-1.1852 will eye for the weekly bottom surrounding 1.1800.

EUR/USD hourly chart

Trend: Pullback expected

Additional impotant levels

Overview
Today last price	1.1899
Today Daily Change	7 pips
Today Daily Change %	0.06%
Today daily open	1.1892

Trends
Daily SMA20	1.1795
Daily SMA50	1.1776
Daily SMA100	1.175
Daily SMA200	1.1389

Levels
Previous Daily High	1.1894
Previous Daily Low	1.1837
Previous Weekly High	1.1894
Previous Weekly Low	1.1814
Previous Monthly High	1.1881
Previous Monthly Low	1.164
Daily Fibonacci 38.2%	1.1872
Daily Fibonacci 61.8%	1.1859
Daily Pivot Point S1	1.1855
Daily Pivot Point S2	1.1817
Daily Pivot Point S3	1.1798
Daily Pivot Point R1	1.1912
Daily Pivot Point R2	1.1932
Daily Pivot Point R3	1.1969

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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