EUR/USD technical analysis: Bulls losing momentum, eyes back to 20 WMA at 1.1270

  • EUR/USD holds above the 2018- 2019 downtrend but struggles below the 200 week ma at 1.1347 and confluence with the 200 day ma at 1.1364.
  • Bulls can run towards 1.1570 2019 high as there is no resistance on the way there.
  • Momentum is slowing to the upside, so a focus is back to the wedges prior resistance line.
  • A break out of the interim and steep channel, bears will look to the 20 WMA at 1.1270 and prior wedge resistance.
  • Below there guards the 20 DMA ahead of the 1.1100 support.

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