EUR/USD technical analysis: Euro correcting up and finding some resistance at 1.1250 level

  • EUR/USD is in correction mode this Monday bouncing from the 1.1200 level.
  • The bear trend remains intact with the level to beat for bears at 1.1200 figure.

EUR/USD daily chart

EUR/USD is trading in a bear trend below its 100 and 200-day simple moving average (DSMA). The market has found some support at the 50 DSMA near 1.1219.

EUR/USD 4-hour chart

The market is starting the week with a rebound from the 1.1200 figure and the 200 SMA. The move can be seen as corrective as long as the market doesn’t surpass the 1.1300 handle.

EUR/USD 30-minute chart

EUR/USD is trading at daily highs and testing 1.1250 and the 100 SMA. The overall momentum remains bearish however if the market reclaims 1.1280/1.1300 on a daily closing basis it would question the bear case. For sellers, a daily close below 1.1200 would be seen as encouraging with a potential continuation down towards 1.1160 and 1.1120. 

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