EUR/USD Technical Analysis: Bulls struggle near one-month-old descending trend-line, around 1.1400 handle
• The pair struggled to build on its strong intraday positive momentum further beyond the 1.1400 handle and started retreating from near one-month-old descending trend-line resistance.
• Slightly overbought conditions on the 1-hourly chart seemed to be the only factor prompting some profit-taking following a strong up-move of over 100-pips from overnight swing lows.
• However, the fact that the pair remains well above important intraday moving averages - 50, 100 & 200-hour SMA, support prospects for some dip-buying interest on any meaningful slide.
• Moreover, technical indicators on 4-hourly/daily charts have just started gaining positive momentum and further add credence to the near-term constructive set-up.
• Meanwhile, sustained weakness back below mid-1.1300s might negate the bullish outlook and drag the pair back towards the 1.1300 round figure mark en-route the 1.1265 horizontal support.
Today Last Price: 1.1378
Today Daily change: 32 pips
Today Daily change %: 0.282%
Today Daily Open: 1.1346
Previous Daily SMA20: 1.1354
Previous Daily SMA50: 1.1396
Previous Daily SMA100: 1.1494
Previous Daily SMA200: 1.1712
Previous Daily High: 1.136
Previous Daily Low: 1.1302
Previous Weekly High: 1.1444
Previous Weekly Low: 1.1269
Previous Monthly High: 1.15
Previous Monthly Low: 1.1216
Previous Daily Fibonacci 38.2%: 1.1337
Previous Daily Fibonacci 61.8%: 1.1324
Previous Daily Pivot Point S1: 1.1312
Previous Daily Pivot Point S2: 1.1278
Previous Daily Pivot Point S3: 1.1254
Previous Daily Pivot Point R1: 1.1369
Previous Daily Pivot Point R2: 1.1393
Previous Daily Pivot Point R3: 1.1427