EUR/USD: Downside momentum faces initial support at 1.1190

EUR/USD is trading at 1.1222, representing a -0.17% decline on a day basis, as FXStreet’s analyst Yohay Elam notes bearish signs on the pair. Initial support is seen at 1.1190.

Key quotes

“Momentum on the 4-hour chart is to the downside and the EUR/USD pair slipped below the 50 and 100 Simple Moving Averages, bearish signs. On the other hand, the uptrend looks robust.”

“Some support awaits at 1.1190, which provided support twice in recent days. The mid-June trough of 1.1170 is next. Further down, the 200 SMA hits the chart at 1.1150.”

“Looking up, resistance is at 1.1250, which capped a recovery attempt early in the day, and then 1.1290, the weekly high.”