EUR/USD Price Analysis: Bulls catch a breather above 1.1100
- EUR/USD eases from 11-week top, still above 1.1100.
- A 14-day-old rising channel, sustained trading beyond 200-day SMA favor buyers.
- 50% Fibonacci retracement can question immediate pullback moves.
EUR/USD fades upside momentum while taking rounds to 1.1130 amid Tuesday’s Asian session. Although a short-term ascending trend channel formation seems to keep the bulls hopeful, 61.8% Fibonacci retracement of March month’s fall likely questions the pair’s further upside.
Even so, the pair’s latest drop might take a rest on the 50% Fibonacci retracement level around 1.1065 before visiting a 200-day SMA level of 1.1013.
During the quote’s further downside past-1.1013, the said channel’s support line could challenge the bears around 1.0985, a break of which could recall the late-May low near 1.0870.
On the upside, a clear break of 61.8% Fibonacci retracement level of 1.1170 could propel the quote towards the channel resistance figures of 1.1185.
EUR/USD daily chart
Trend: Bullish