EUR/USD technical analysis: On the defensive near 1.1238/40 key resistance

200-HMA, late last-week low highlight 1.1238/40 as the key upside barrier for EUR/USD.
Lower high, steady RSI can recall sub-1.1200 area on the chart.

Anil Panchal FXStreet

With the recent lower high formation and steady levels of 14-bar relative strength index (RSI) signaling the buyers’ exhaustion, the EUR/USD pair witnesses pullback to 1.1226 during early Thursday.

Not only recently trading pattern and RSI but failure to rise past-key resistance area also indicate the pair’s weakness, which in turn highlights 1.1215 and 1.1200 as nearby supports ahead of pushing sellers towards monthly low near 1.1193.

If bears dominate sentiment below 1.1193, June month bottom close to 1.1181 could quickly appear on their radar.

On the flip side, a sustained break of 1.1238/40 area comprising 200-hour moving average (HMA) and late last week's low seems the key for buyers to watch as a break of which can trigger the pair’s fresh advances to 1.1250/55 and 1.1280 numbers to the north.

Additionally, pair’s successful rise beyond 1.1280 enables it to confront 200-day moving average on daily chart that levitates around 1.1320 by the press time.

EUR/USD hourly chart

Trend: Pullback expected

1. R3 1.1273
2. R2 1.1254
3. R1 1.124
PP 1.122
1. S1 1.1206
2. S2 1.1186
3. S3 1.1172

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.