EUR/USD technical analysis: Buyers keep lurking around 13-day old support-line

EUR/USD remains firm above the short-term rising support line.
23.6% Fibonacci retracement and 4H 100MA seem near-term key resistances.

Anil Panchal FXStreet

Having bounced off 13-day old support-line, EUR/USD takes the bids to 1.1085 during early Tuesday.

Not only its pullback from rising trend-line since August 01 but oversold conditions of 14-bar relative strength index (RSI) also increases the odds for its increase.

In doing so, 23.6% Fibonacci retracement of June-August declines near 1.1120 and 100-bar moving average on the four-hour chart (4H 100MA) at 1.1150, becomes the key to watch.

Should there be increased upside beyond 1.1150, a downward sloping trend-line since late-June, at 1.1200, grabs buyers’ attention.

Alternatively, pair’s break of 1.1070 support-line can quickly fetch it to 1.1055 and then to a recent low near 1.1027. Though, 1.10000 becomes the tough nut to crack for bears during further downside.

EUR/USD 4-hour chart

Trend: Pullback expected

1. R3 1.114
2. R2 1.1127
3. R1 1.1103
PP 1.1089
1. S1 1.1065
2. S2 1.1052
3. S3 1.1027

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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