EUR/USD Price Analysis: Upside remains capped below 1.1350 key hurdle
- EUR/USD stays below a confluence of 200-EMA, monthly triangle’s resistance line.
- Downbeat Momentum line hints at a pullback, 100-EMA restricts immediate declines.
EUR/USD holds onto the monthly trading range, around the upper end of a symmetrical triangle during Friday’s quiet Asian session. That said, the quote eases to 1.1323 by the press time.
In doing so, the major currency pair steps back from 200-EMA and the stated monthly triangle’s resistance line, while also justifying the pullback in the Momentum line.
However, the 100-EMA level of 1.1300 is likely to challenge the immediate downside, if not then a subsequent fall towards 1.1270 becomes imminent.
Following that, the stated triangle’s support line and the yearly low, respectively around 1.1235 and 1.1185, will be in focus.
Alternatively, an upside clearance of 1.1350 will aim for late November’s peak around 1.1385.
In a case where the EUR/USD prices remain firmer past 1.1385, November 15 top of 1.1465 and early November’s low near 1.1515 should return to the chart.
EUR/USD: Four-hour chart
Trend: Sideways
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.
