EUR/USD Price Analysis: 100-DMA defends bulls around 1.1450

EUR/USD edges higher past-100-DMA, tests pullback from three-month-old horizontal resistance.
Hidden bullish divergence, sustained trading above 100-DMA keeps buyers hopeful.
October-November lows add to the upside filters, 50-DMA also tests sellers.

Anil Panchal FXStreet

EUR/USD pauses the week-start pullback by stabilizing above 1.1400, taking rounds to 1.1440-50 during the early Asian session on Tuesday.

In doing so, the major currency pair keeps the bounce off the 100-DMA amid a hidden bullish RSI divergence on the daily chart.

A hidden bullish RSI divergence is price-positive formation when the quote makes lower-low but the RSI prints higher lows.

With this, the EUR/USD prices may again battle the immediate hurdle, namely a three-month-old horizontal resistance area near 1.1480-85. However, lows marked during October-November, around 1.1525-30, will challenge the pair buyers afterward.

Alternatively, a daily closing below the 100-DMA level of 1.1420 will direct EUR/USD bears towards the 50-DMA level surrounding 1.1325.

Following that, the previous resistance line from September, close to 1.1300, will restrict the pair’s further downside.

Overall, EUR/USD is up for consolidating losses marked during late 2021.

EUR/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.1442
Today Daily Change	-0.0013
Today Daily Change %	-0.11%
Today daily open	1.1455

Trends
Daily SMA20	1.1329
Daily SMA50	1.1316
Daily SMA100	1.1429
Daily SMA200	1.1677

Levels
Previous Daily High	1.1484
Previous Daily Low	1.1412
Previous Weekly High	1.1484
Previous Weekly Low	1.1138
Previous Monthly High	1.1483
Previous Monthly Low	1.1121
Daily Fibonacci 38.2%	1.1456
Daily Fibonacci 61.8%	1.1439
Daily Pivot Point S1	1.1416
Daily Pivot Point S2	1.1378
Daily Pivot Point S3	1.1344
Daily Pivot Point R1	1.1489
Daily Pivot Point R2	1.1522
Daily Pivot Point R3	1.1561

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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