EUR/USD Technical Analysis: Fades a bullish spike to 1.1620 confluence resistance

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   •  The pair faded a knee-jerk bullish spike to over two-week tops and quickly retreated around 35-40 pips from an important confluence resistance near the 1.1620 region.

   •  The mentioned hurdle, comprising of 50% Fibonacci retracement level of the 1.1815-1.1432 downfall and 100-period SMA on the 4-hourly chart has been a tough nut to crack for the bulls.

   •  With technical indicators on the mentioned chart holding in bullish territory, a convincing breakthrough sets the stage for some aggressive short-covering rally in the near-term.

   •  Alternatively, a convincing break below the 1.1535-30 support, held over the past two trading session and coinciding with 50-period SMA, will turn the pair vulnerable to resume with its prior depreciating move.
 

EUR/USD 4-hourly chart


	EUR/USD Technical Analysis: Fades a bullish spike to 1.1620 confluence resistance

EUR/USD

Overview:
    Last Price: 1.1601
    Daily change: 21 pips
    Daily change: 0.181%
    Daily Open: 1.158
Trends:
    Daily SMA20: 1.1612
    Daily SMA50: 1.1586
    Daily SMA100: 1.1628
    Daily SMA200: 1.1918
Levels:
    Daily High: 1.1607
    Daily Low: 1.154
    Weekly High: 1.1611
    Weekly Low: 1.143
    Monthly High: 1.1816
    Monthly Low: 1.143
    Daily Fibonacci 38.2%: 1.1582
    Daily Fibonacci 61.8%: 1.1566
    Daily Pivot Point S1: 1.1544
    Daily Pivot Point S2: 1.1509
    Daily Pivot Point S3: 1.1478
    Daily Pivot Point R1: 1.1611
    Daily Pivot Point R2: 1.1642
    Daily Pivot Point R3: 1.1677

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