EUR/USD technical analysis: Upside capped by 6-week long descending trend-line

EUR/USD aims to revisit 4H 100MA after taking another U-turn from near-term resistance-line.
While 1.1283/87 can please buyers during upside break, 23.6% Fibonacci retracement can lure during post-1.1158 declines.

Anil Panchal FXStreet

Having registered another failure to cross six-week-old descending trend-line, EUR/USD trades near 1.1180 during Wednesday morning in Asia.

100-bar moving average on the four-hour chart (4H 100MA) becomes the immediate support to watch, at 1.1158 now, a break of which can recall 23.6% Fibonacci retracement of June – August south-run, around 1.1118.

It should, however, be noted that the pair’s decline below 1.1118 might not refrain from challenging 1.1070 and 1.1030/27 during further weakness.

Alternatively, pair’s run-up beyond 1.1128 resistance-line can take a halt at 61.8% Fibonacci retracement level of 1.1265 ahead of confronting 1.1283/87 area comprising mid-July tops.

EUR/USD 4-hour chart

Trend: Sideways

1. R3 1.127
2. R2 1.125
3. R1 1.1211
PP 1.119
1. S1 1.1151
2. S2 1.1131
3. S3 1.1092

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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