EUR/USD technical analysis: Slips below 100-hour SMA, bears challenge symmetrical triangle support


  • The pair continued with its struggled to sustain at higher levels.
  • Bears are likely to wait for a sustained break below 200-hour SMA.

The EUR/USD pair has been oscillating between two converging trend-lines over the past one week or so, forming a symmetrical triangle on hourly charts. Wednesday's early uptick quickly ran out of the steam, rather met with some fresh supply near the triangle resistance.
 
The fact that the intraday pullback has now dragged the pair back below 100-hour SMA, the intraday bias might have shifted in favour of bearish traders and sets the stage for a move towards testing the triangle support, currently near the 1.1020 region, which is followed by 200-hour EMA.
 
With technical indicators on 4-hourly/daily charts still struggling to gain any meaningful positive traction and again drifting into the bearish territory on the 1-hourly chart, failure to defend the mentioned support levels might indicate the resumption of the prior/well-established bearish trend.
 
The pair might then turn vulnerable to slide back towards challenging multi-year swing lows, around the 1.0925 area, before eventually sliding farther below the 1.0900 round figure mark towards testing its next major support near the 1.0835-30 region - levels now seen since May 2017.
 
On the flip side, the 1.1050 region (triangle resistance) might continue to attract some fresh supply, which if cleared decisively should negate any near-term bearish bias and prompt some aggressive short-covering move and assist the pair to surpass last week's swing high resistance near the 1.1085 level.

EUR/USD 1-hourly chart

fxsoriginal

EUR/USD

Overview
Today last price 1.1031
Today Daily Change -0.0019
Today Daily Change % -0.17
Today daily open 1.105
 
Trends
Daily SMA20 1.1064
Daily SMA50 1.1144
Daily SMA100 1.1187
Daily SMA200 1.1266
Levels
Previous Daily High 1.106
Previous Daily Low 1.1031
Previous Weekly High 1.1085
Previous Weekly Low 1.0926
Previous Monthly High 1.1251
Previous Monthly Low 1.0962
Daily Fibonacci 38.2% 1.1048
Daily Fibonacci 61.8% 1.1042
Daily Pivot Point S1 1.1034
Daily Pivot Point S2 1.1018
Daily Pivot Point S3 1.1005
Daily Pivot Point R1 1.1063
Daily Pivot Point R2 1.1076
Daily Pivot Point R3 1.1092

 

 

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