EUR / USD hovered around the 1.1200 mark, down for the third day in a row. Technical readings are in harmony with macroeconomic readings, which means that the pair can retest annual lows this Wednesday, if the Federal Reserve chairman confirms what the market suspects. In the 4 hours chart, the technical indicators have managed to recover from intraday lows, but do not have enough momentum to confirm additional gains ahead while they remain near oversold readings. The 20 SMA continues to head lower above the current level and below the larger MA, providing immediate dynamic resistance around 1.1235. Bears will be worried if the pair recovers from 1.1270, important Fibonacci resistance, while bulls are likely to give up on a break below 1.1181, the daily low of June 18.
Support level 1.1180 1.1140 1.1105
Resistance level: 1.1235 1.1270 1.1315


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