EUR/USD Price Analysis: Bulls struggle to force a break above key average hurdle
- Single currency is again struggling to topple resistance of 10MA on the 4-hour chart.
- Rejection could fuel a drop toward October lows near 1.0880.
EUR/USD defended 1.09 on Tuesday, but the bulls are not out of the woods yet, as a key average hurdle is still intact.
The 10-candle moving average (MA) on the 4-hour chart is again proving a tough nut to crack. That average has consistently reversed recovery attempts over the last ten days.
At press time, the spot is trading at the crucial MA hurdle of 1.0915, having hit a high of 1.0925 in the overnight trade.
The latest failure to keep gains above the average hurdle has opened the doors for a re-test of the Oct. 1 low of 1.0878.
On the flip side, a convincing 4H close above the key average would mean a temporary low has been made below 1.09 and could yield a notable corrective bounce to 1.0950.