EUR/USD: Failure at 1.10 may fuel a fall

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EUR/USD Wednesday’s four-hour chart is showing some weakness after failing to top 1.10, as FXStreet’s analyst Yohay Elam notes. OCBC Bank also sees this level to cap further gains while Commerzbank expects a close above 1.10 to trigger a run higher.

Key quotes

“The pair’s failure to recapture 1.10 and the previous peak of 1.1010 is a bearish sign. Other indicators are more stable, with momentum on the four-hour chart still pointing to the upside. EUR/USD remains above the 50, 100, and 200 Simple Moving Averages.”

“Resistance is at 1.0975, a swing high from last week, followed by a recent peak of 1.0995 and 1.1010.”

“Support awaits at 1.0940, a swing low from last week, followed by 1.0895, a peak back then, and by 1.0870, which is the weekly low and where the 200 SMA hits the price.”

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