EUR/USD Technical Analysis: Mildly bid towards 1.1250 horizontal resistance, 1.1200 acts as immediate support

EUR/USD is on the bids around 1.1230 ahead of the European open on Friday. Pair’s reversal from 1.1200 horizontal-support connecting multiple highs during April 02 signals brighter chances of its advances to 1.1250 resistance including current month tops.

Should prices manage to clear 1.1250 upside barrier, 1.1270 and 38.2% Fibonacci retracement of its March 20 to April 02 decline, at 1.1270, may become buyers’ favorites.

Though, 1.1300 and 1.1330/35 could challenge bulls past-1.1270, if not then 1.1360 and 1.1390 can offer intermediate halts during an upward trajectory towards 1.1410 and 1.1450.

Meanwhile, pair’s dip beneath 1.1200 highlights 1.1180 and 61.8% Fibonacci expansion (FE) level of 1.1160 as important supports.

If at all bears dominate the price sentiment under 1.1160, a descending trend-line connecting low marked during August and November 2018, at 1.1080, could gain market attention.

EUR/USD hourly chart

Trend: Positive to upside