EUR/USD at growing risk of losing uptrend support

EUR/USD continues trading below the 1.13 level as Wednesday's 4-hour chart is showing uptrend support is getting close, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“EUR/USD is trading above one uptrend support line, which has been accompanying since early July and also tops another more moderate one. However, its failure to advance makes these lines closer and risks losing them. The uptrend lines are backed up by the 50, 100, and 200 Simple Moving Averages on the 4-hour chart. Momentum remains positive.” 

“Support awaits at 1.1260, the daily low, followed by 1.1220, where the 200 SMA hits the price, and then by 1.1185 and 1.1165.”

“Resistance is at 1.13, a round number that previously capped EUR/USD, followed by 1.1350, the recent double-top.”