The pair EURUSD is currently trading below major moving averages 50, 100 & 200. Since the last day, the pair has dropped from 1.12201 towards 1.11840.
Currently, the pair is showing weakness aiming to move further down if the pair fails to break above the resistance level 1.12023.
We expect the pair to continue showing weakness if the pair achieves a break below today’s support level at 1.11816. On the contrary, we would be looking to go long if the pair rises above the resistance level of the day 1.12761 aiming towards 1.12241.
RESISTANCE LEVEL: 1.12023
SUPPORT LEVEL: 1.11816
*Analysis based on the Hourly Chart
To see the technical chart please click here: EURUSD Technical Analysis
