EUR/USD Technical Analysis: Extra gains still capped by 1.1630 near term

• Spot is resuming the weekly upside after Thursday’s pullback met some buying interest in the low-1.1500s. Further upside, however, remains conditioned to a sustainable breakout of the 1.1630 area.
• The ongoing up move is still seen as corrective only, although the pair should ideally need to break below the 1.1500 neighbourhood to motivate sellers to return to the market in the near term.
• The upside momentum faded around the 55-day SMA near 1.1630 so far, coincident with peaks seen earlier in the month. On the downside, initial contention turns up at the 10-day SMA at 1.1467, seconded by the 200-week SMA in the mid-1.1300s. If cleared, YTD lows in sub-1.1300 levels should come to the fore.

EUR/US daily chart

Daily high: 1.1580

Daily low: 1.1534

Support Levels

S1: 1.1513

S2: 1.1486

S3: 1.1442

Resistance Levels

R1: 1.1583

R2: 1.1627

R3: 1.1654