EUR/USD Price Analysis: Bullish Doji, Golden cross tease buyers above 1.0700

EUR/USD grinds near monthly low after posting a bullish candlestick on daily formation.
Bullish moving average crossover, steady RSI adds strength to the upside bias.
Three-month-old previous support line holds the key to Euro bull’s conviction.

Anil Panchal FXStreet

EUR/USD stays defensive near 1.0730 during inactive early trading hours of Wednesday, following a bounce off monthly low to post the bullish Doji candlestick on Tuesday. In doing so, the major currency pair justifies the steady RSI (14) while also keeping the previous day’s bounce off the 50-DMA support.

It should be noted that the 100-DMA pierced the 200-DMA from below and portrayed a “Golden cross” during the last week, which in turn back the latest upside bias.

However, the recovery remains elusive unless the EUR/USD pair stays below the previous support line from early November 2022, around 1.0860.

Following that, a run-up towards refreshing the monthly peak, currently near 1.1035, can’t be ruled out. Though, the 1.0900 and the 1.1000 round figures may act as intermediate halts during the expected rally.

Meanwhile, a daily closing beneath the 50-DMA, around 1.0700 by the press time, could reject the bullish bias while sustained trading below the previous day’s low of 1.0669 will defy the upbeat signals sent via the Doji candlestick.

In that case, a downward trajectory toward the previous monthly low of 1.0483 can’t be ruled out.

However, the 100-DMA and the 200-DMA, respectively around 1.0345 and 1.0320, could challenge the EUR/USD bears afterward.

EUR/USD: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.0728
Today Daily Change	0.0003
Today Daily Change %	0.03%
Today daily open	1.0725

Trends
Daily SMA20	1.0841
Daily SMA50	1.0693
Daily SMA100	1.0335
Daily SMA200	1.0321

Levels
Previous Daily High	1.0767
Previous Daily Low	1.0669
Previous Weekly High	1.1033
Previous Weekly Low	1.0793
Previous Monthly High	1.093
Previous Monthly Low	1.0483
Daily Fibonacci 38.2%	1.0706
Daily Fibonacci 61.8%	1.0729
Daily Pivot Point S1	1.0674
Daily Pivot Point S2	1.0623
Daily Pivot Point S3	1.0577
Daily Pivot Point R1	1.0771
Daily Pivot Point R2	1.0818
Daily Pivot Point R3	1.0869

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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