EUR/USD is fading part of Tuesday’s advance to the 1.1850 zone as Wednesday’s 4-hour chart is showing this level is a strong resistance which is capping the pair. However, EUR/USD has so far met decent contention near the 1.1800 mark, FXStreet’s analyst Yohay Elam reports.
Key quotes
EUR/USD is capped under 1.1850, which held the pair down in recent days – and is also where the 50 Simple Moving Average on the four-hour chart hits the price. EUR/USD is also struggling to hold onto the 100 SMA and momentum remains to the downside.”
“Above 1.1850, the next level to watch is 1.1915, the peak in early August. It is followed y 1.1965, the recent two-year high.”
“Immediate support is at 1.18, followed by 1.1750, which was a swing low last week. The round 1.17 level remains a significant cushion after holding EUR/USD several times in August.”
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