EUR/USD crawls higher to 1.1250 as USD retreats

EUR/USD extends its gradual recovery from weekly lows of 1.1227 in early Europe, now flirting with daily tops near 1.1250 amid broad USD retreat and Easter holiday-thinned light trading. 

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Yohay Elam

EUR/USD is trading in a narrow range around 1.1300 as the long Easter weekend approaches. The pair enjoys substantial support. Can it rally?

The Technical Confluences Indicator shows that the round number of 1.1300 is a dense cluster of lines including the Simple Moving Average 5-1h, the Fibonacci 61.8% one-day, the SMA 10-15m, the SMA 10-1h, the SMA 10-4h, the SMA 50-1h, the SMA 5-4h, the SMA 50-1d, the Bollinger Band 1h-Middle, and more.

More significant support awaits at 1.1282 where we see the convergence of the previous daily low, the Fibonacci 38.2% one-month, the SMA 200-1h, the Fibonacci 38.2% one-week, the BB 4h-Lower, and the SMA 5-1d.

The initial upside target is 1.1347 where the Fibonacci 61.8% one-month, the Pivot Point one-week R1, the BB 1d-Upper, and the SMA 100-1d.

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