Short at resistance level
The EUR/USD pair met sellers around the 23.6% retracement of its November decline at 1.1305, the immediate resistance level.
Support level: 1.1245 1.1200 1.1165
Resistance level: 1.1305 1.1360 1.1430
In the short term and according to the 4-hour chart, EUR/USD is rising slightly and steadily above the EMA21 (1.1268), while technical indicators correct from overbought to sideways and favor the buyers.
=> The barrier of weekly resistance around 1.1305 - 1.1320 could be breached by buyers and headed to the next resistance areas 1.1360 and 1.1430.
=> The downside potential looks limited for the time being, though stronger declines can be expected on a break below the 1.1245 support, next targets at 1.12 and 1.1165. Besides, in the long term, the EU's downtrend is still quite strong, so the resistance areas are still good price zones for the sellers.
Support level: 1.1245 1.1200 1.1165
Resistance level: 1.1305 1.1360 1.1430
In the short term and according to the 4-hour chart, EUR/USD is rising slightly and steadily above the EMA21 (1.1268), while technical indicators correct from overbought to sideways and favor the buyers.
=> The barrier of weekly resistance around 1.1305 - 1.1320 could be breached by buyers and headed to the next resistance areas 1.1360 and 1.1430.
=> The downside potential looks limited for the time being, though stronger declines can be expected on a break below the 1.1245 support, next targets at 1.12 and 1.1165. Besides, in the long term, the EU's downtrend is still quite strong, so the resistance areas are still good price zones for the sellers.
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