EUR/USD technical analysis: Upside capped by 6-week long descending trend-line

• EUR/USD aims to revisit 4H 100MA after taking another U-turn from near-term resistance-line.
• While 1.1283/87 can please buyers during upside break, 23.6% Fibonacci retracement can lure during post-1.1158 declines.

Having registered another failure to cross six-week-old descending trend-line, EUR/USD trades near 1.1180 during Wednesday morning in Asia.

100-bar moving average on the four-hour chart (4H 100MA) becomes the immediate support to watch, at 1.1158 now, a break of which can recall 23.6% Fibonacci retracement of June – August south-run, around 1.1118.

It should, however, be noted that the pair’s decline below 1.1118 might not refrain from challenging 1.1070 and 1.1030/27 during further weakness.

Alternatively, pair’s run-up beyond 1.1128 resistance-line can take a halt at 61.8% Fibonacci retracement level of 1.1265 ahead of confronting 1.1283/87 area comprising mid-July tops.

EUR/USD 4-hour chart

Trend: Sideways