8 Aug 2019
EUR/USD technical analysis: Euro eases from daily highs, ends the day virtually unchanged near the 1.1200 handle
- The US Dollar recovers some strength at the end of the New York session.
- Wall Street indices are closing near their daily highs helping the greenback.
- The level to beat for bears is the 1.1174 key support.
EUR/USD daily chart
EUR/USD ended its second day of consolidation while the market rejected the 50 and 100-day simple moving averages (DSMAs). The greenback is somewhat tracking the US equity market. This Wednesday the US stock indices closed near their highs giving some support to the buck.
EUR/USD 4-hour chart
EUR/USD rejected the 1.1220 resistance and the 200 SMA, suggesting potential weakness in the medium term. However, bears need a break below 1.1774 critical support. If the market has a clear break below this level, the single currency could re-visit 1.1138 and 1.1105 on the way down, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
The market is trading below the 50 and 100 SMAs suggesting a correction down in the short term. Bulls need a daily close above 1.1253 to resume the bull trend and reach 1.1282 resistance on the way up.
Additional key levels