EUR/USD is consolidating the recent corrective advance towards 1.1700. At the time of writing, the pair adds 0.14% to trade at 1.1680, having hit a daily high of 1.1684. Nonetheless, Tuesday’s 4-hour chart is showing bears are in the lead, FXStreet’s analyst Yohay Elam briefs.
“While momentum on the 4-hour chart has flipped to positive, it remains weak. Moreover, EUR/USD is trading below the 50, 100, and 200 Simple Moving Averages, adding to the bearish case.”
“The daily low of 1.1660 is only weak support. It is followed by 1.1625, a swing low from last week, followed by September’s trough of 1.1615. Next, 1.1550 and 1.1480 date back to August.”
“Some resistance awaits at 1.1685, the daily high. It is followed by 1.1730, which provided support last week, and then by 1.1755, a cushion from mid-September. Next up, 1.1785 and 1.1830 are the next lines to watch.”