EUR/USD Technical Analysis: Bullish mirage or short-squeeze near 1.1330 resistance ?

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EUR/USD daily chart

  • EUR/USD is trading in a bear trend below its 200-day simple moving average (SMA).
  • EUR/USD has been capped by the 1.1330 resistance and the 50 SMA in the last days of trading.

EUR/USD 4-hour chart

  • EUR/USD formed a double top below 1.1330 resistance.
  • EUR/USD is trading above its main SMAs suggesting a bullish bias in the medium-term.


EUR/USD 30-minute chart

  • The market is trading above its main SMAs suggesting bullish momentum in the near-term.
  • EUR/USD might have a retest of 1.1330 resistance however bulls will need to break above it if they don’t want a retracement back into the current range. 
  • Bears will need to break below 1.1280 to travel to 1.1250 and 1.1220 if they gather enough momentum.
  • Key resistance is at 1.1330. A break above the level would open the doors to 1.1360 level.


Additional key levels

 

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