EUR/USD Price Analysis: Bulls flirt with 100-hour SMA support breakpoint, around 1.1225 area – by hareshmenghani EURUSD Fed ECB Technical Analysis Currencies
The emergence of fresh selling around the USD turns out to be a key factor acting as a tailwind.EUR/USD
pair regains positive traction during the Asian session on Thursday and reverses a major part of the previous day's slide to the 1.1175 area, or a multi-day low. Spot prices currently trade around the 1.1225 region, up over 0.20% for the day, though remain well below the highest level since February 2022 touched on Tuesday.
On the flip side, weakness back below the 1.1200 mark now seems to find some support near the overnight swing low, around the 1.1175-1.11700 region. The next relevant support is pegged near the 1.1145 zone, below which the EUR/USD pair could extend the downward trajectory further towards the 1.1100 round figure. The latter should act as a strong base for spot prices, which if broken decisively would negate the near-term positive outlook and pave the way for a deeper corrective decline.
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