After a soft European open, an early rally in the Asian session saw the EURUSD stall at the 200-hour MA (≈ 1.1518) and slipped under the 100-hour line (1.1496). Dip-buyers on the 2nd move lower on the day, stepped in just ahead of last week’s swing floor at 1.1445, marking another successful defense of that level (see green numbered circles).
Fresh USD selling followed dovish remarks from Fed Governor Bowman—echoing Waller’s “July cut” hint from Friday—while calmer headlines out of the Middle East nudged Treasury yields lower. The pair powered back above both hourly averages and is now poking at Friday’s peak near 1.1543. A clean break would confirm the intraday bullish reversal and target swing highs from the last few weeks at 1.1578, 1.1614 and the high for the year (and going back to 2021) at 1.16297.
Conversely, a failure to hold the dual-MA band (1.1518-1.1496) would hand momentum back to sellers and refocus attention on 1.1466 and the pivotal 1.1445 floor.
Key technical levels
Resistance:
1.1543 – Friday / day high
1.1578 – 24 May swing cap
1.1614 – high from June 16
1.16297 - high for the year and going back to 2021
Support:
1.1518 – 200-hour MA
1.1496 – 100-hour MA
1.1445– swing level (green circles)
1.1416 – 38.2% retracement level
Bias stays tilted higher while EURUSD holds above the 1.1518-1.1496 zone.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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