Short term EUR / USD technical outlook
The EUR / USD is trading at new weekly highs in the 1.1240 price zone ahead of the US opening, now struggling around the 23.6% retracement of the latest daily decline, measured between 1.1401 and 1.1192. In the 4 hours chart, the pair has accelerated after breaking above a still bearish 20 SMA but remains below the 100 and 200 SMAs, both without direction. The technical indicators turn sharply higher, moving from oversold levels to positive territory, making the risk likely to be upward, because the price is currently at a neutral level. The 38.2% retracement of the mentioned decline comes at 1.1275, providing immediate resistance which needs to be removed to confirm further gains.
Support levels: 1.1210 1.1180 1.1140
Resistance level: 1.1275 1.1320 1.1360