EUR/USD Technical Analysis: Bulls need to defend 1.1410

  • The corrective rally in the EUR/USD pair has stalled near the downward sloping (bearish) 200-hour moving average (MA).
  • A break below the ascending trendline support of 1.1410, as seen in the hourly chart below, would add credence to the bearish 200-hour MA and signal the end of the corrective rally from the recent low of 1.1301.
  • At press time, the 200-hour MA is located at 1.1441 and the 4-hour 50-candle MA is stationed at 1.1435. A convincing move above these MAs would allow continuation of the relief rally.

Hourly chart

Spot Rate: 1.1426

Daily High: 1.1440

Daily Low: 1.1424

Trend: Bullish above 1.1410

Resistance

R1: 1.1441 (200-hour MA)

R2: 1.1508 (June 21 low)

R3: 1.1530 (Aug. 6 low)

Support

S1: 1.1395 (50-hour MA)

S2: 1.1375 (100-hour MA)

S3: 1.13448 (support as per the hourly chart)