EUR/USD Price Analysis: 200-week MA is a stiff resistance

• EUR/USD bulls need a break above the 200-week SMA. 
• The average has been capping gains since the end of May.

EUR/USD is trading near 1.1310 at press time, representing a 0.12% gain on the day, having failed to keep gains above the 200-week simple moving average (SMA) last week. Currently, the SMA is located at 1.1333. 

The buyers have failed to establish a foothold above the 200-week SMA in five out of the last six weeks. Similar price action was seen in February, following which the pair fell to lows near 1.0630. 

As such, the 200-week SMA is the level to beat for the bulls. A weekly close above higher will likely cause more buyers to join the market, possibly yielding a breakout above 1.15. Alternatively, another rejection could embolden sellers and shift the focus to support at 1.10. 

Weekly chart

Trend: Bullish above 200-week SMA

Pivot Points