EUR/USD: Indecisive market, bulls need break above 1.1570

EUR/USD created a doji candle last week, signaling indecision in the market.
A convincing move above 1.1570 would signal a bullish reversal, although that is unlikely to happen in the near-term, courtesy of dovish ECB expectations.

Omkar Godbole FXStreet Contributor

The EUR/USD pair hit a high and low of 1.1570 and 1.1289, respectively, before ending the month on a flat note at 1.1447.

Essentially, the pair created a classic doji candle last month, which is widely considered a sign of indecision in the market place.

The next big move depends on the follow-through to that doji candle. Acceptance above the previous month's high of 1.1570 would imply a bullish reversal and allow a test of supply around the key resistance of 1.1815 (September 2018 high).

A move below 1.1289 (last month's low) would boost the odds of a drop to the psychological support of 1.10.

The markets seem to have priced in the Fed rate hike pause in the last few weeks. Further, investors may reassess the Fed outlook if the US data continues to beat expectations and wage price inflation shows signs of life. Put simply, the prospects of a convincing break above 1.1570 looks weak.

Meanwhile, the ECB rate hike expectations are melting away. Therefore, the probability of a near-term drop below 1.289 is high.

EUR/USD Technical Levels

EUR/USD

Overview:
    Today Last Price: 1.1445
    Today Daily change: -0.0015 pips
    Today Daily change %: -0.13%
    Today Daily Open: 1.146
Trends:
    Daily SMA20: 1.1427
    Daily SMA50: 1.1396
    Daily SMA100: 1.1442
    Daily SMA200: 1.1561
Levels:
    Previous Daily High: 1.1489
    Previous Daily Low: 1.1434
    Previous Weekly High: 1.1516
    Previous Weekly Low: 1.139
    Previous Monthly High: 1.1586
    Previous Monthly Low: 1.1289
    Daily Fibonacci 38.2%: 1.1468
    Daily Fibonacci 61.8%: 1.1455
    Daily Pivot Point S1: 1.1433
    Daily Pivot Point S2: 1.1406
    Daily Pivot Point S3: 1.1378
    Daily Pivot Point R1: 1.1487
    Daily Pivot Point R2: 1.1515
    Daily Pivot Point R3: 1.1542

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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