EUR/USD Price Analysis: 10-day SMA offers immediate support


  • 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

Trend: Bearish

Additional important levels

Overview
Today last price 1.1044
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 1.1044
 
Trends
Daily SMA20 1.1081
Daily SMA50 1.1102
Daily SMA100 1.1072
Daily SMA200 1.1127
 
Levels
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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