EUR/USD Price Analysis: Bounces from 100-hour SMA support

EUR/USD's 100-hour SMA restricted losses during the overnight trade.
A break above 1.144 is needed to weaken the immediate bearish case.

Omkar Godbole FXStreet Contributor

EUR/USD has bounced up from the ascending 100-hour simple moving average (SMA) support. But the bulls are not out of the woods yet.

The sellers failed to establish a secure foothold under the 100-hour SMA during the overnight trade, allowing for a minor bounce. At press time, EUR/USD is trading at 1.1390 and the 100-hour SMA is located at 1.1380. The SMA was located at 1.1375 a few hours ago.

However, despite the recovery from the SMA support, the bias remains bearish. This is because the pair is still trading well below Thursday’s high of 1.1442.

The pair fell 0.25% on Thursday, snapping a four-day winning streak, and validating the bearish view put forward by the long upper wick attached to Wednesday’s candle. As such, a break above 1.1442 is needed to invalidate the bearish pattern. That would open the doors for 1.15.

Alternatively, acceptance under the 100-hour SMA would bolster the immediate bearish setup and will likely yield a deeper decline to 1.12.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.1393
Today Daily Change	0.0009
Today Daily Change %	0.08
Today daily open	1.1384

Trends
Daily SMA20	1.1284
Daily SMA50	1.1162
Daily SMA100	1.1061
Daily SMA200	1.1059

Levels
Previous Daily High	1.1442
Previous Daily Low	1.137
Previous Weekly High	1.1371
Previous Weekly Low	1.1243
Previous Monthly High	1.1422
Previous Monthly Low	1.1097
Daily Fibonacci 38.2%	1.1398
Daily Fibonacci 61.8%	1.1415
Daily Pivot Point S1	1.1356
Daily Pivot Point S2	1.1327
Daily Pivot Point S3	1.1284
Daily Pivot Point R1	1.1427
Daily Pivot Point R2	1.147
Daily Pivot Point R3	1.1499

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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