EUR/USD Asia Price Forecast: Euro correction picks up steam, nearing 1.0900 figure


  • EUR/USD retracement up challenges the 1.0900 figure and the 50SMA on the four-hour chart.
  • It is unclear how far the pullback up can go as bearish pressure could come back any time. 
 

EUR/USD daily chart 

 
After a sharp selloff in early March, EUR/USD is consolidating off 37-month lows as the market is trading below its main SMAs on the daily chart suggesting an underlying bearish bias.
 

EUR/USD four-hour chart

 
 
Bulls are having another go at the 1.0900 resistance near the 50 SMA on the four-hour chart. If the level is broken to the upside EUR/USD could accelerate towards the 1.0972 resistance level. However, as the main trend remains bearish, sellers could come back anytime with an initial retest of the 1.0860, 1.0825 and 1.0780 levels on the way down, according to the Technical Confluences Indicator.
 

Resistance: 1.0900, 1.0972, 1.1000

Support: 1.0860, 1.0825, 1.0780

 

Additional key levels

EUR/USD

Overview
Today last price 1.0878
Today Daily Change 0.0090
Today Daily Change % 0.83
Today daily open 1.0788
 
Trends
Daily SMA20 1.1059
Daily SMA50 1.1007
Daily SMA100 1.105
Daily SMA200 1.1086
 
Levels
Previous Daily High 1.0888
Previous Daily Low 1.0722
Previous Weekly High 1.1237
Previous Weekly Low 1.0638
Previous Monthly High 1.1089
Previous Monthly Low 1.0778
Daily Fibonacci 38.2% 1.0825
Daily Fibonacci 61.8% 1.0785
Daily Pivot Point S1 1.0711
Daily Pivot Point S2 1.0633
Daily Pivot Point S3 1.0544
Daily Pivot Point R1 1.0877
Daily Pivot Point R2 1.0966
Daily Pivot Point R3 1.1043

 

 

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