EUR/USD technical analysis: 50-HMA holds the key to 1.1236/31 support-area

Failure to cross 1.1287/94 resistance-zone triggered the EUR/USD pair’s pullback.
100-HMA, early week tops constitute short-term key support region.

Anil Panchal FXStreet

Having failed to clear 1.1287/94 resistance-area, the EUR/USD pair drops to 50-hour moving average (HMA) as it takes the rounds to 1.1250 during early Friday.

Sellers can aim for 1.1236/31 support region, including early-week high and 100-HMA, should prices decline below 1.1248 immediate support.

In a case where prices keep trading southwards past-1.1231, current month low near 1.1193 could be aimed if holding short positions.

On the contrary, 1.1287/94 area including multiple highs since early-month and 50% Fibonacci retracement of the pair’s decline since June 28 can keep the short-term upside limited.

Though, pair’s rally past-1.1294 might not refrain from questioning 61.8% Fibonacci retracement level of 1.1317 and July 01 top surrounding 1.1360.

EUR/USD hourly chart

Trend: Bearish

1. R3 1.132
2. R2 1.1303
3. R1 1.1279
PP 1.1262
1. S1 1.1237
2. S2 1.122
3. S3 1.1196

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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