EUR/USD Technical Analysis: still in recovery-mode. Tough resistance lies in the 1.1790 region.

• Spot extends the positive momentum for the third session in a row today and is currently challenging the key resistance area around 1.1720/30 after leaving behind the initial hurdle at the 200-hour SMA in the 1.1705 zone.
• The pair is now testing the 55-day SMA, today at 1.1730, the base of the daily cloud and a Fibo retracement of the April-May decline. It needs to overcome this area in order to allow a visit to the 1.1790 region, considered the last defense before the mid-1.1800s.
• On the other hand, a breakdown of the 21-day SMA at 1.1664 could spark a deeper pullback to the 1.1530 region ahead of the 1.1500 neighbourhood.

EUR/USD daily chart

Daily high: 1.1737

Daily low: 1.1702

Support Levels

S1: 1.1693

S2: 1.1654

S3: 1.1632

Resistance Levels

R1: 1.1733

R2: 1.1755

R3: 1.1784