• 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

Overview
Today last price 1.1778
Today Daily Change -0.0018
Today Daily Change % -0.15%
Today daily open 1.1796
 
Trends
Daily SMA20 1.1802
Daily SMA50 1.1884
Daily SMA100 1.1963
Daily SMA200 1.201
 
Levels
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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