EUR/USD Price Analysis: Buyers probe three-week-old resistance line near 1.1200

EUR/USD takes the bids near the highest in 11 weeks.
Overbought RSI, near-term key resistance line might trigger the pair’s pullback.
The downside break of the weekly support line highlights 1.1000 rest-point.
Mid-march tops lure the bulls during the further upside.

Anil Panchal FXStreet

EUR/USD rises to 1.1197, up 0.25% on a day, amid the Asian session on Wednesday. That said, the pair trades near the highest levels since March 16, while also crossing the previous day’s top near 1.1196, amid overbought conditions.

As a result, odds of the quote’s pullback from an ascending trend line stretched from May 13, at 1.1200, seem brighter.

However, a sustained north run beyond 1.1200 will propel the quote further towards the mid-March top near 1.1237.

On the downside, a short-term support line around 1.1155 could challenge the pullback moves, a break of which might not hesitate to revisit May 21 top near 1.1000.

Additionally, a 200-bar SMA level of 1.0900 can please the bears during the pair’s downside past-1.1000.

EUR/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.1191
Today Daily Change	21 pips
Today Daily Change %	0.19%
Today daily open	1.117

Trends
Daily SMA20	1.093
Daily SMA50	1.0913
Daily SMA100	1.096
Daily SMA200	1.1013

Levels
Previous Daily High	1.1196
Previous Daily Low	1.1115
Previous Weekly High	1.1145
Previous Weekly Low	1.0871
Previous Monthly High	1.1145
Previous Monthly Low	1.0767
Daily Fibonacci 38.2%	1.1165
Daily Fibonacci 61.8%	1.1146
Daily Pivot Point S1	1.1125
Daily Pivot Point S2	1.108
Daily Pivot Point S3	1.1044
Daily Pivot Point R1	1.1206
Daily Pivot Point R2	1.1241
Daily Pivot Point R3	1.1286

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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