- Immediate upside capped by 100-day SMA, descending trend-line from January.
- 50-day SMA offers short-term strong support.
Even after failing to cross the 100-day SMA on Tuesday, the EUR/USD pair again heads to confront the upside barrier as it trades near 1.1260 during early Wednesday.
Not only 100-day simple moving average (SMA) level of 1.1280 but a downward sloping trend-line since January at 1.1310 can also challenge short-term buyers.
However, it’s worth mentioning that the quote’s rally past-1.1310 might give fewer reasons to avoid t1.1365/70 and 61.8% Fibonacci retracement of January – May downpour at 1.1400.
Should weakness prevail under 100-day SMA, 1.1230 and 50-day SMA level of 1.1210 can entertain immediate sellers.
Additionally, March month low near 1.1175 and May bottom surrounding 1.1100 may be on the bears’ cards should they rule below 1.1210.
EUR/USD daily chart
Trend: Pullback expected
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