- More than a month-old resistance continues to disappoint the Fiber buyers.
- Overbought RSI highlights 4H 200MA support to watch.
Ignoring previous failures to cross 1.1265 horizontal-resistance and overbought RSI levels, the EUR/USD pair heads to confront the key upside barrier as it trades near 1.1255 while heading into the European open on Tuesday.
As a result, six-week-old horizontal-line can again disappoint buyers and may trigger the quote’s pullback towards 1.1220. However, 200-bar moving average on 4-hour chart (4H 200MA) and 23.6% Fibonacci retracement of March to May downpour near 1.1190/85 may limit further declines.
Should there be additional weakness past-1.1185, 1.1145 and the May month low near 1.1105 might please the bears.
If at all prices ignore overbought levels of 14-bar relative strength index (RSI) and rally past-1.1265, 1.1300 can offer an intermediate stop the rally targeting 1.1325/30 area comprising early highs marked since late-March to mid-April.
In a case where bulls keep fueling the momentum beyond 1.1330, 1.1360 and 1.1395 can flash on their radar.
EUR/USD 4-Hour chart
Trend: Pullback expected
Share
