EUR/USD Price Analysis: Back above 50-hour MA, needs to keep gains to weaken bearish outlook

EUR/USD has bounced to levels above the 50-hour average.
Failure to keep gains above the average could prove costly.

Omkar Godbole FXStreet Contributor

EUR/USD has moved back above the 50-hour moving average (MA). The pair is currently trading at 1.0810 and the average is located at 1.0808.

Throughout the recent decline from 1.1095, the pair has charted bearish lower highs just above the 50-hour MA.

Hence, the latest break above the average is an acid test of sorts for the bulls. If they manage to build on the breakout above the hourly average, the immediate bearish technical bias would be neutralized.

That will likely cause some sellers to exit the market, leading to a stronger corrective bounce to 1.0850.

Alternatively, a drop to fresh multi-year lows below 1.0782 could be seen if the bulls again fail to keep gains above the 50-hour MA.

Hourly chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.0811
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	1.081

Trends
Daily SMA20	1.0955
Daily SMA50	1.1062
Daily SMA100	1.1063
Daily SMA200	1.1109

Levels
Previous Daily High	1.081
Previous Daily Low	1.0782
Previous Weekly High	1.0958
Previous Weekly Low	1.0827
Previous Monthly High	1.1225
Previous Monthly Low	1.0992
Daily Fibonacci 38.2%	1.0799
Daily Fibonacci 61.8%	1.0793
Daily Pivot Point S1	1.0792
Daily Pivot Point S2	1.0773
Daily Pivot Point S3	1.0764
Daily Pivot Point R1	1.0819
Daily Pivot Point R2	1.0829
Daily Pivot Point R3	1.0847

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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