Technical Analysis | EUR/USD Upside Capped By 6- Week Long Descending Trend Line

Having registered another failure to cross six-week-old descending trend-line, EUR/USD trades near 1.1180 during Wednesday morning in Asia.

100-bar moving average on the four-hour chart (4H 100MA) becomes the immediate support to watch, at 1.1158 now, a break of which can recall 23.6% Fibonacci retracement of June – August south-run, around 1.1118.

It should, however, be noted that the pair’s decline below 1.1118 might not refrain from challenging 1.1070 and 1.1030/27 during further weakness. Read More.....

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