EUR/USD Technical Analysis: awaits ECB for bullish confirmation

Haresh Menghani FXStreet

• The pair built on its post-FOMC up-move from an important horizontal support and is now holding comfortably above the 1.1800 handle.
• Short-term technical indicators oscillating in positive territory and a move above 200-period SMA on 4-hourly chart clearly points to near-term bullish bias.
• Only a dovish ECB outlook would negate the positive outlook and turn the pair vulnerable to head back towards challenging the 1.1725 support.

EUR/USD 4-hourly chart

Spot Rate: 1.1824
Daily Low: 1.1787
Trend: Bullish

Resistance
R1: 1.1840 (June 7 swing high)
R2: 1.1897 (R3 daily pivot-point)
R3: 1.1973 (50-day SMA)

Support
S1: 1.1800 (round figure mark)
S2: 1.1773 (daily pivot-point)
S3: 1.1726 (overnight swing low)

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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