EUR/USD Technical Analysis: flirting with 200-hour SMA near 1.1700. Solid support lies around 1.1670/60.

The pair is prolonging the sideline theme on Thursday, probing the key area around 1.1700 the figure, where sits the 200-hour SMA.
On the daily chart, the outlook still looks positive while the 21-day SMA underpins, today near 1.1650. Above here, the door remains open for a test of the key area in the mid-1.1800s, where sit June’s peaks and the 38.2% Fibo retracement of the April-May down move.
In case the selling pressure resumes, hourly (weekly) lows in the 1.1660/70 band should hold well the initial test. Below here lies the 1.1530 area ahead of the ‘double bottom’ in the 1.1500 neighbourhood.
The daily RSI (14) stays around 44 for the time being, pointing to some extra consolidation in the near term horizon.

Pablo Piovano FXStreet

EUR/USD hourly chart

Daily high: 1.1693

Daily low: 1.1670

Support Levels

S1: 1.1639

S2: 1.1605

S3: 1.1544

Resistance Levels

R1: 1.1734

R2: 1.1794

R3: 1.1828

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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