EUR/USD technical analysis: Under pressure below 4H 200MA, 1.1175/77

EUR/USD remains on the back foot below 4H 200MA.
Two-month-old trend-line, 38.2% Fibonacci retracement add to the resistance.

Anil Panchal FXStreet

Following its run-up to eight-day high, the EUR/USD pair witnesses a pullback to 1.1144 during Monday morning in Asia.

The 200-bar moving average on the four-hour chart (4H 200MA), at 1.1166, acts as an immediate upside barrier for the pair, a break of which will confront another strong resistance comprising a downward-sloping trend-line from June 25 and 38.2% Fibonacci retracement level of June-end to early- August downpour near 1.1175/77.

In a case prices manage to stay strong beyond 1.1177, 50% Fibonacci retracement of 1.1221 and August 06 high near 1.1251 will please buyers.

On the downside, 1.1113/10 including August 19-22 tops holds the keys to pair’s further declines to last week's low near 1.1050 and then to the monthly bottom surrounding 1.1027.

EUR/USD 4-hour chart

Trend: Bearish

1. R3 1.1284
2. R2 1.122
3. R1 1.1182
PP 1.1116
1. S1 1.1078
2. S2 1.1014
3. S3 1.0976

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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