EUR/USD Technical Analysis: Finds initial support at 100-hour SMA near 1.1580 so far. Upside capped by the 200-hour SMA near 1.1630

• After testing daily highs in the vicinity of the key 200-hour SMA near 1.1630, spot is now fading the move on a pick up in the sentiment around the greenback. This area of resistance is reinforced by the 10-day SMA and the bottom of the former pennant pattern, which can be viewed as a short-term resistance line.
• Initial support has so far emerged at the 100-hour SMA in the 1.1585/80 band. A break below this level should open the door for a re-visit to Monday’s low at 1.1530.
• Looking at the broader picture, the pair should remain offered while below the 1.1745/50 band, allowing for a potential test of YTD lows in the 1.1500 neighbourhood, and possibly below.

EUR/USD daily chart

Daily high: 1.1668

Daily low: 1.1632

Support Levels

S1: 1.1645

S2: 1.1630

S3: 1.1602

Resistance Levels

R1: 1.1687

R2: 1.1715

R3: 1.1730