- EUR/USD extends its pullback from 21-day SMA.
- 23.6% Fibonacci retracement can question sellers below 10-day SMA.
- 38.2% Fibonacci retracement adds strength to 1.1083/85 resistance confluence.
EUR/USD remains on the back foot near 1.1044 during the Asian session on Wednesday. The pair recently took a U-turn from 21-day SMA but stays above 10-day SMA.
While considering the pair’s gradual downside since the start of the year, prices are likely to continue being weak. However, 23.6% Fibonacci retracement of its June-October 2019 fall can challenge the bears around 1.1005 if the quote drops below a 10-day SMA level of 1.1040.
If at all the bears dominate past-1.1005, multiple lows marked since mid-October 2019 around 1.0990/95 will become the key to watch.
Alternatively, a confluence of 21-day SMA and 38.2% Fibonacci retracement near 1.1083/85 can keep the pair’s short-term upside limited.
While a sustained break of 1.1085 can recall 1.1120 on the charts, January 16 high of 1.1173 and 61.8% Fibonacci retracement level of 1.1208 will be of importance to the bulls during the further upside.
EUR/USD daily chart
Additional important levels
|Today last price||1.1044|
|Today Daily Change||0.0000|
|Today Daily Change %||0.00|
|Today daily open||1.1044|
|Previous Daily High||1.1064|
|Previous Daily Low||1.1033|
|Previous Weekly High||1.1092|
|Previous Weekly Low||1.0992|
|Previous Monthly High||1.1225|
|Previous Monthly Low||1.0992|
|Daily Fibonacci 38.2%||1.1045|
|Daily Fibonacci 61.8%||1.1052|
|Daily Pivot Point S1||1.103|
|Daily Pivot Point S2||1.1016|
|Daily Pivot Point S3||1.0999|
|Daily Pivot Point R1||1.1061|
|Daily Pivot Point R2||1.1078|
|Daily Pivot Point R3||1.1092|
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