- EUR/USD struggles to regain 1.1800, remains sidelined of late.
- MACD eases bullish bias, sustained trading below the key SMA, trend line resistance also keeps sellers hopeful.
- Bulls need to cross July’s top for conviction.
EUR/USD portrays a lackluster start to Tuesday’s Asian session, after marking a corrective pullback the previous day. That said, the quote seesaws around 1.1775-80 by the press time.
The major currency pair’s failures to extend the bounce off 1.1767 join the recently easing bullish bias of the MACD histogram to favor the EUR/USD pair sellers. On the same line is the quote’s sustained trading below 100 and 200-SMA, as well as a downward sloping trend line from June 25.
It’s worth noting, however, that a confluence of the one-week-old ascending trend line and monthly horizontal area, around 1.1750, offers a tough challenge to the pair bears ahead of directing them to the yearly low surrounding the 1.1700 threshold.
In a case where the EUR/USD prices drop below the 1.1700 psychological magnet, also the key support, the pair becomes vulnerable to print a 100-pip south-run towards late 2020 levels surrounding the 1.1600 mark.
Alternatively, 100-SMA and 200-SMA, respectively around 1.1805 and 1.1815, guard the quote’s short-term recovery moves ahead of a downward sloping trend line from late June near 1.1875.
Even if the EUR/USD bulls cross the stated resistance line, July’s high near 1.1910 will challenge the further upside.
EUR/USD: Four-hour chart
Trend: Further weakness expected
Additional important levels
|Today last price||1.1778|
|Today Daily Change||-0.0018|
|Today Daily Change %||-0.15%|
|Today daily open||1.1796|
|Previous Daily High||1.1805|
|Previous Daily Low||1.173|
|Previous Weekly High||1.1805|
|Previous Weekly Low||1.1706|
|Previous Monthly High||1.1909|
|Previous Monthly Low||1.1752|
|Daily Fibonacci 38.2%||1.1776|
|Daily Fibonacci 61.8%||1.1758|
|Daily Pivot Point S1||1.1749|
|Daily Pivot Point S2||1.1702|
|Daily Pivot Point S3||1.1674|
|Daily Pivot Point R1||1.1824|
|Daily Pivot Point R2||1.1852|
|Daily Pivot Point R3||1.1899|
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