EUR/USD bounces at critical support pointing up
EUR/USD is fighting with the 1.1780 resistance as Tuesday's 4-hour chart is showing the currency pair bounced off 1.17, a critical support. On the flip side, the 1.1735 level is the first support seen, FXStreet’s analyst Yohay Elam reports.
Key quotes
“Euro/dollar has bounced off 1.17 – a level that supported it also in late July and now turns into a double-bottom. In addition, that level is where EUR/USD launched at, back in 1999. While upside momentum on the 4-hour chart vanished, the currency pair swiftly recaptured the 50 Simple Moving Average.”
“EUR/USD is battling 1.1780, a cap on the way up. It is followed by 1.1805, which had a similar role last week. The higher levels to watch are 1.1850 and 1.1909.”
“Initial support is at 1.1735, where the 50 SMA hits the price, followed by 1.17 mentioned earlier. Further down, 1.1625 and 1.1540 await it.”