EUR/USD Price Analysis: 1.1100/05 becomes the key upside barrier

EUR/USD remains below 21-day SMA, nears 50% Fibonacci retracement.
A confluence of 50-day SMA, 38.2% Fibonacci retracement and five-week-old descending trend line offers the key resistance.
61.8% Fibonacci retracement, 1.0990/95 can please sellers during further declines.

Anil Panchal FXStreet

EUR/USD recovers the previous day’s losses while trading around 1.1060 during early Tuesday. The pair recently took a U-turn from 21-day SMA but failed to stay longer below 50% Fibonacci retracement of its October-December 2019 upside.

With this, prices are likely to again challenge 21-day SMA level of 1.1085. However, 50-day SMA, 38.2% Fibonacci retracement and a short-term falling resistance line could keep challenging the buyers around 1.1100/05.

In a case where prices manage to provide a daily closing beyond 1.1105, January 16 high near 1.1175 and 1.1200/05 can offer intermediate halts during the run-up to December 2019 monthly top close to 1.1240.

Alternatively, 61.8% Fibonacci retracement near 1.1017, followed multi-week-old horizontal support around 1.0995/90, can limit the pair’s further declines.

EUR/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.1061
Today Daily Change	3 pips
Today Daily Change %	0.03%
Today daily open	1.1058

Trends
Daily SMA20	1.1086
Daily SMA50	1.1101
Daily SMA100	1.1072
Daily SMA200	1.1127

Levels
Previous Daily High	1.1095
Previous Daily Low	1.1036
Previous Weekly High	1.1092
Previous Weekly Low	1.0992
Previous Monthly High	1.1225
Previous Monthly Low	1.0992
Daily Fibonacci 38.2%	1.1059
Daily Fibonacci 61.8%	1.1072
Daily Pivot Point S1	1.1031
Daily Pivot Point S2	1.1004
Daily Pivot Point S3	1.0972
Daily Pivot Point R1	1.109
Daily Pivot Point R2	1.1122
Daily Pivot Point R3	1.1149

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.

EUR/USD looks weak below 1.1800

EUR/USD has slipped back under pressure, breaking through the 1.1800 support and drifting towards the weekly lows near 1.1770 ahead of the opening bell in Asia. The move reflects renewed strength in the US Dollar, with steady geopolitical tensions keeping its demand firm. Moving forward, the release of the German labour market report and flash inflation figures should keep European investors entertained on Friday.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold trims gains, slips back to around $5,170

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The yellow metal surrenders part of its earlier gains on the back of the resurgence of the buying interest in the Greenback. In the meantime, geopolitical tensions in the Middle East continue to limit the downside potential for now.