EUR/USD Technical Analysis: Upside limited by the 55-day SMA in the 1.1230 zone2019-08-142019-08-14https://www.goldforexinstitute.com/wp-content/uploads/2020/02/fx-gold-new.pngGold Forex Institutehttps://www.goldforexinstitute.com/wp-content/uploads/2020/02/fx-gold-new.png200px200px
EUR/USD Technical Analysis: Upside limited by the 55-day SMA in the 1.1230 zone
EUR/USD is recovering ground lost following Tuesday’s moderate pullback to the 1.1170 area, where sits the 21-day SMA.
Occasional bullish attempts remain so far capped by the 55-day SMA around 1.1230 ahead of the more relevant monthly highs near 1.1250 (August 6).
The inability of the pair to regain this area of resistance in the near term (the sooner the better) should encourage sellers to return to the market on a more convincing fashion and trigger a move lower to, initially, the 1.1100 neighbourhood ahead of 2019 lows near 1.1020.