EUR/USD struggles for direction in the 1.1760 zone as Thursday’s 4-hour chart is pointing to a loss of upside momentum and lower highs, Yohay Elam, an analyst at FXStreet, reports.
“EUR/USD has found resistance at 1.1780, under the weekly high of 1.1810 – resulting in a lower high and breaking the winning streak of higher highs and higher lows. Moreover, the upside momentum on the 4-hour chart is waning. On the other hand, the currency pair is still trading above the 50 and 100 Simple Moving Averages. Losing them would embolden the bears.”
“Some support awaits at the daily low of 1.1750, followed by 1.1724, which was Wednesday’s trough. It is followed by 1.1685 and 1.1625.”
“Resistance is at 1.1780 and 1.1810 mentioned earlier, followed by 1.1830 and 1.1870, levels that played a role in late September.”