EUR/USD: the pair hitting key resistance, is this a selling opportunity?

The eurodoallar pair gained some ground on Tuesday in the face of several factors, but then tempered its rise, so in the end, yesterday's movements had little impact on the overall bearish environment.

The German ZEW Economic Sentiment index had indeed rebounded strongly for the Current Situation sub-index, which was welcomed, although the Expectations sub-index fell much more than expected.

On Tuesday afternoon, President Donald Trump also mentioned further support for the American economy. The amounts are starting to be astronomical, raising fears about the solvency of the nation, which has temporarily weighed on the dollar.

From a chart perspective, note that the pair is in a broad bearish triangle, as seen on the chart below this article.

The 100-hour moving average also appears to be a hindrance, having blocked all of the EUR's rebounds in recent days.

However, with the pair currently hovering near the upper bound of the triangle and the 100-hour moving avergage, the most likely scenario for today appears to be down depending on technical factors.

In this context, the first important support to watch is around 1.0815-20, ahead of the psychological threshold of 1.08, followed by the 1.0765 zone.

On the upside, a break above the 100-hour moving average and the upper bound of the triangle mentioned above would put the target at 200-hour moving average, currently close to the psychological threshold of 1.09.

Currently, the eurodoallar pair is trading around 1.0831 on the forex.

Hourly EUR/USD chart