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6 Aug 2019
EUR/USD technical analysis: Euro erases overnight gains as greenback regains some shine
- Improving market mood is helping the US Dollar to regain some strength.
- The level to beat for bears are seen at the 1.1174 key support followed by 1.1135.
EUR/USD daily chart
EUR/USD has found considerable resistance at 1.1250 as the market is trading in a bear trend below its main daily simple moving averages (DSMAs). The greenback is gaining strength as the market mood is improving. China has re-valued the yuan giving the equity markets across the board some respite from the selloff seen this Monday.
EUR/USD 4-hour chart
EUR/USD is retracing down after peaking at 1.1250 near the 200 SMA. The market is now declining towards the 1.1174 key support. If the market breached this important level to the downside, EUR/USD could continue falling towards the 1.1135, 1.1121 and 1.1100 levels, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
EUR/USD is trading at daily lows below its 50 SMA suggesting a correction down. Bulls would need to retake the 1.1220 resistance followed by the 1.1255 level if they intend to resume the bull trend.
Additional key levels