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EUR/USD gained traction after dropping toward 1.1270 during the European trading hours and turned positive on the day above 1.1300. The dollar seems to have lost its strength but rising US T-bond yields could help the currency stay resilient against its major rivals in the second half of the day.
The EUR/USD pair is neutral, although the risk is skewed to the downside. The daily chart shows that it has posted a third consecutive lower low, while the pair battles with a Fibonacci level, also a flat 20 SMA. The longer moving averages maintain their firmly bearish slopes well above the current level. Technical indicators, in the meantime, hover around their midlines without directional strength.
The 4-hour chart offers a neutral-to-bearish stance, as the pair is developing below bearish 20 SMA while struggling with converging 100 and 200 SMAs. Technical indicators have bounced from intraday lows but remain within negative levels.
Support levels: 1.1290, 1.1250, 1.1210
Resistance levels: 1.1345, 1.1380, 1.1425
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