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6 Aug 2019
EUR/USD technical analysis: Fiber in corrective mode below the 1.1220 resistance
- As the market mood improves slightly, the US Dollar made a reasonable advance this Tuesday.
- The levels to beat for bears are at 1.1174 key support followed by the 1.1135 level.
EUR/USD daily chart
In the Asian session, EUR/USD found resistance at 1.1250 as the market is trading in a bear trend below its main daily simple moving averages (DSMAs). The greenback has regained some strength as the market mood is improving slightly. China revalued the yuan, easing tensions across market places.
EUR/USD 4-hour chart
EUR/USD is pulling back down after peaking at 1.1250 near the 200 SMA. The bears need to break below 1.1174 key support. A break below this level could see EUR/USD falling towards the 1.1135, 1.1121 and 1.1100 levels, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
EUR/USD had a bounce from the daily lows near 1.1174 support. The move seems to be losing some steam already near the 1.1200 figure and the 50 SMA as the London session is about to end. Bulls would need to have a daily close above 1.1220 and 1.1255 to have a convincing resumption of the bull move of the last days.
Additional key levels