EUR/USD Price Analysis: Fades corrective pullback near 1.1800

EUR/USD struggles to late Thursday’s bounce inside a bullish chart pattern.
Sluggish MACD signals back further sideways grind, multiple resistances also challenge the bulls.

Anil Panchal FXStreet

EUR/USD remains pressured, sidelined of late, around 1.1810 amid the initial Friday morning in Asia. The currency-major pair failed to extend the bounce off a three-month low the previous day while staying inside a three-week-old falling wedge bullish formation.

Given the subdued MACD signals, coupled with the bumpy road to the north, EUR/USD may remain depressed surrounding the 1.1800 threshold.

However, bears are likely to witness repetitive challenges from the formation’s support surrounding 1.1760, a break of which could refresh the yearly low near 1.1700.

Meanwhile, an upside clearance of 1.1850 will confirm the bullish pattern suggesting the theoretical upside towards 1.2050. Though, 200-SMA and late June’s top near 1.1970-75 will be a tough nut to crack for the EUR/USD bulls.

Overall, EUR/USD bears seem to have tired of late but the bulls have multiple barriers to entry.

EUR/USD: Four-hour chart

Trend: Sideways

Additional important levels

Overview
Today last price	1.1813
Today Daily Change	-0.0023
Today Daily Change %	-0.19%
Today daily open	1.1836

Trends
Daily SMA20	1.1875
Daily SMA50	1.2043
Daily SMA100	1.1997
Daily SMA200	1.2006

Levels
Previous Daily High	1.1839
Previous Daily Low	1.1772
Previous Weekly High	1.1895
Previous Weekly Low	1.1782
Previous Monthly High	1.2254
Previous Monthly Low	1.1845
Daily Fibonacci 38.2%	1.1813
Daily Fibonacci 61.8%	1.1797
Daily Pivot Point S1	1.1793
Daily Pivot Point S2	1.1749
Daily Pivot Point S3	1.1726
Daily Pivot Point R1	1.1859
Daily Pivot Point R2	1.1882
Daily Pivot Point R3	1.1926

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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