- EUR/USD rises back towards near-term trend-line resistance as 100-bar moving average (4H 100MA) triggers the U-turn.
- Overbought RSI conditions can question further upside past resistance-line.
- A week-old rising support-line seems immediate support.
Having bounced off 4H 100MA, the EUR/USD again aims for near-term resistance-line as it takes the bids to 1.1217 during early Wednesday.
Not only the falling trend-line since June 25, at 1.1240, but overbought conditions of 14-bar relative strength index (RSI) also doubts the pair’s further upside.
Should buyers manage to conquer 1.1240, mid-July tops surrounding 1.1290 could be next on their watch-list.
Meanwhile, a weeklong ascending support-line at 1.1197 becomes the key immediate rest to follow during the pair’s pullback, a break of which will again highlight 4H 100MA level of 1.1167.
Additionally, pair’s dip beneath 1.1167, will have to break below multiple supports around 1.1165/63 in order to revisit 23.6% Fibonacci retracement of late-June to early August downpour, at 1.1118.
EUR/USD 4-hour chart
Trend: Pullback expected
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