(March 29 Tuesday) The 4 hour chart shows a classical head and shoulder formation for the EURUSD with the head peak at 1.1335, while the two shoulders at 1.1220. The first shoulder formed on Mar 9 and the second recent one on Mar 28. The second shoulder already shows resistance at 1.1220 which is the high yesterday in NY. If the direction of the second shoulder should remain true to due pattern formation, there would be a typical retracement to the 1.0950 region in the near term.
The 14-day moving average appears to be toppish at 1.1280 and the 30-DMA also looks toppish at 1.1255, while the 60 DMA shows the current intraday resistance at 1.1210. Take note the high yesterday in NY is 1.1220. The 14 day relative strenght index also shows a double top formation where it cannot cross the 70 line and generally indicates an overbought level and pushed the RSI rate back to 35.
The 14 DMA support is 1.1160 (low in NY yesterday), 1.1100, 1.1000. The 30 DMA support is 1.0980 and 1.0925. 60 DMA - 1.0950.