EUR/USD: Bears lead the way, support seen around the 1.12 level

EUR/USD Thursday's 4-hour chart is pointing to a small advantage for bears as the shared currency is in trouble to hold the 100-SMA. Yohay Elam, an analyst at FXStreet, sets the initial support around the 1.12 mark.

Key quotes

“Momentum on the 4-hour chart is marginal to the downside and the EUR/USD is struggling to hold onto the 100 Simple Moving Average. The currency pair has been setting lower lows, as the downtrend suggests. All in all, bears have an advantage, at least in the short-term.”

“Support awaits at the round 1.12 level, which provided support on Wednesday. It is followed by 1.1150, which was a stepping stone on the way up, and then by 1.1080, a support line from late May.”

“Resistance is a 1.1270, the daily high, and then at 1.1295, a swing high from earlier this week.”