EUR/USD Price Analysis: 100-SMA guards immediate upside but bulls can stay hopeful

EUR/USD keeps Fed-led run-up beyond the short-term resistance line.
Bullish MACD, sustained trend line breakout favor bulls.
Sellers need to wait for one-week-old support break for fresh entries.

Anil Panchal FXStreet

EUR/USD wavers around the weekly top, currently up 0.05% near 1.1985, during the early Thursday. In doing so, the currency major holds the previous day’s break out of a downward sloping trend line from March 03, backed by the dovish Fed.

However, the 100-SMA level of 1.1995, quickly followed by the 1.2000 threshold, seems to tests the short-term EUR/USD buyers ahead of directing them to the 200-SMA, at 1.2040 now.

It should be noted though that the pair’s ability to stay beyond the stated trend line resistance amid bullish MACD favors EUR/USD buyers to eye the monthly top around 1.2115 during any further upside past-1.2040.

Alternatively, pullback moves need to slip beneath the previous resistance line, now support, near 1.1910, to recall the EUR/USD sellers for a while.

Though, a clear downside break of an ascending support line from March 09, currently around 1.1890, becomes necessary for the confirmation of the quote’s further weakness.

EUR/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.1985
Today Daily Change	6 pips
Today Daily Change %	0.05%
Today daily open	1.1979

Trends
Daily SMA20	1.2021
Daily SMA50	1.2079
Daily SMA100	1.2049
Daily SMA200	1.1848

Levels
Previous Daily High	1.1986
Previous Daily Low	1.1886
Previous Weekly High	1.199
Previous Weekly Low	1.1836
Previous Monthly High	1.2243
Previous Monthly Low	1.1952
Daily Fibonacci 38.2%	1.1948
Daily Fibonacci 61.8%	1.1924
Daily Pivot Point S1	1.1915
Daily Pivot Point S2	1.1851
Daily Pivot Point S3	1.1816
Daily Pivot Point R1	1.2014
Daily Pivot Point R2	1.2049
Daily Pivot Point R3	1.2113

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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