EUR/USD technical analysis: Aims for multi-day resistance-line, supported by 4H 200MA

Buyers target immediate descending trend-line backed by 4H 200MA.
Failure to cross the resistance may recall early-month lows on the chart.

Anil Panchal FXStreet

Successful trading beyond 200-bar moving average (4H 200MA) helps the EUR/USD pair to aim for short-term descending resistance-line as it trades near 1.1230 during the early Asian session on Tuesday.

If prices manage to remain strong above trend-line resistance of 1.1242, 1.1270 and 1.1300 are likely following numbers to appear on the chart.

Given the bulls’ extended rule over 1.1300, current month high near 1.1350 can be targeted if holding long positions.

Meanwhile, the downside break of 4H 200MA level of 1.1213 can fetch the quote to 61.8% Fibonacci retracement level of 1.1200 with 1.1160 being likely follow-on support to grab market attention.

Additionally, pair’s decline below 1.1160 might not refrain from visiting late-May low near 1.1100 round-figure.

EUR/USD 4-Hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.1226
Today Daily Change	8 pips
Today Daily Change %	0.07%
Today daily open	1.1218

Trends
Daily SMA20	1.1222
Daily SMA50	1.1219
Daily SMA100	1.1269
Daily SMA200	1.1359

Levels
Previous Daily High	1.1247
Previous Daily Low	1.1204
Previous Weekly High	1.1344
Previous Weekly Low	1.1202
Previous Monthly High	1.1266
Previous Monthly Low	1.1107
Daily Fibonacci 38.2%	1.1231
Daily Fibonacci 61.8%	1.122
Daily Pivot Point S1	1.1198
Daily Pivot Point S2	1.1179
Daily Pivot Point S3	1.1154
Daily Pivot Point R1	1.1242
Daily Pivot Point R2	1.1267
Daily Pivot Point R3	1.1286

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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