EUR/USD Price Analysis: Bumpy road for the bulls around 1

EUR/USD Price Analysis: Bumpy road for the bulls around 1.1900

  • EUR/USD teases weekly high while eyeing a 12-day-old resistance line.
  • An ascending trend line from November 17 also challenges the bulls.
  • 200-HMA, immediate rising support line can probe the pullback moves.

EUR/USD buyers attack 1.1900 as markets in Tokyo open for Wednesday’s trading. In doing so, the major currency pair not only tests the weekly top but also targets a descending trend line from November 09.

Considering the bullish MACD and the quote’s ability to stay above 200-HMA, the EUR/USD bulls are likely to keep the baton and break the 1.1905 immediate resistance line.

However, another upward sloping trend line resistance, at 1.1910 now, as well as the monthly high near 1.1920, could offer a noisy run-up beyond 1.1900.

On the flip side, an ascending support line from Monday, at 1.1860, near to the 200-HMA level of 1.1852, can restrict the pair’s pullback moves.

It should, however, be noted that any further weakness past-1.1852 will eye for the weekly bottom surrounding 1.1800.

EUR/USD hourly chart

EURUSD 25112020 637418609787997156

Trend: Pullback expected

Credit: FX Street

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