EUR/USD technical analysis: 50-HMA holds the key to 1.1236/31 support-area

• Failure to cross 1.1287/94 resistance-zone triggered the EUR/USD pair’s pullback.
• 100-HMA, early week tops constitute short-term key support region.

Having failed to clear 1.1287/94 resistance-area, the EUR/USD pair drops to 50-hour moving average (HMA) as it takes the rounds to 1.1250 during early Friday.

Sellers can aim for 1.1236/31 support region, including early-week high and 100-HMA, should prices decline below 1.1248 immediate support.

In a case where prices keep trading southwards past-1.1231, current month low near 1.1193 could be aimed if holding short positions.

On the contrary, 1.1287/94 area including multiple highs since early-month and 50% Fibonacci retracement of the pair’s decline since June 28 can keep the short-term upside limited.

Though, pair’s rally past-1.1294 might not refrain from questioning 61.8% Fibonacci retracement level of 1.1317 and July 01 top surrounding 1.1360.

EUR/USD hourly chart

Trend: Bearish