Headline: EUR/USD Retests 1.1541–1.1546 Support as 200-Hour Moving Average Converges
Introduction: The euro-dollar pair advanced early in the session before trimming gains, with price action gravitating toward a familiar technical cluster. Intraday traders are watching whether EUR/USD can hold key support or cede ground to sellers.
During the Asia-Pacific trade, EUR/USD found a base at a confluence of levels near 1.1541–1.1546, combining a swing area with the 38.2% Fibonacci retracement at 1.15448. Buyers then pushed the pair into a resistance band at 1.1576–1.1593, where the move stalled after printing a session high at 1.1583. The subsequent pullback brought the pair back to the earlier support zone, now reinforced by the descending 200-hour moving average.
Momentum from here hinges on the 1.1541 floor. A decisive break below this level would likely hand control back to sellers and open a move toward 1.1523, aligning with the 100-hour moving average within a broader swing area. If bids continue to defend support, the path higher points first to the 50% retracement at 1.1568, followed by another test of resistance in the 1.1576–1.1593 range. Short-term bias remains finely balanced around this confluence.
Key Points: – EUR/USD based in Asia-Pacific trade at 1.1541–1.1546, a confluence with the 38.2% Fibonacci retracement at 1.15448. – Early rally faded after hitting resistance at 1.1576–1.1593; session high reached 1.1583. – Price has returned to retest the support cluster, now aligning with the falling 200-hour moving average. – A break below 1.1541 would likely target 1.1523, near the 100-hour moving average, favoring downside momentum. – Holding above support keeps upside prospects toward the 50% retracement at 1.1568 and the 1.1576–1.1593 resistance band.
