EUR/USD Technical Analysis: still looks constructive above 10-/21-day SMA. Targets another visit to the mid-1.1800s.

  • Spot recovered from the knee-jerk to the 1.1690 region on Tuesday and returned to the 1.1720 region, where sits the 23.6% Fibo retracement of the April-May drop.
  • While above the 10-day SMA (1.1686) and the 21-day SMA (1.1656), another visit to recent tops in the 1.1800 first and then an attempt to the critical hurdle in the mid-1.1800s is not ruled out.
  • However, failing to test the vicinity of the 1.1800 handle in the near term should open the door for a consolidation phase and further loss of upside momentum.
  • In this scenario, the 1.1530 region should be back on the radar ahead of 2018 lows in the 1.1500 neighbourhood.

EUR/USD hourly chart

 

Daily high: 1.1747

Daily low: 1.1723

 

Support Levels

S1: 1.1702

S2: 1.1660

S3: 1.1630

 

Resistance Levels

R1: 1.1775

R2: 1.1805

R3: 1.1848

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.