- Failure to cross 1.1287/94 resistance-zone triggered the EUR/USD pair’s pullback.
- 100-HMA, early week tops constitute short-term key support region.
Having failed to clear 1.1287/94 resistance-area, the EUR/USD pair drops to 50-hour moving average (HMA) as it takes the rounds to 1.1250 during early Friday.
Sellers can aim for 1.1236/31 support region, including early-week high and 100-HMA, should prices decline below 1.1248 immediate support.
In a case where prices keep trading southwards past-1.1231, current month low near 1.1193 could be aimed if holding short positions.
On the contrary, 1.1287/94 area including multiple highs since early-month and 50% Fibonacci retracement of the pair’s decline since June 28 can keep the short-term upside limited.
Though, pair’s rally past-1.1294 might not refrain from questioning 61.8% Fibonacci retracement level of 1.1317 and July 01 top surrounding 1.1360.
EUR/USD hourly chart
Trend: Bearish
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