EUR/USD Price Analysis: Bulls brace for 1.1985 on double top breakout

EUR/USD remains firmer around weekly top after crossing near-term key hurdles.
Bullish MACD also backs the upside momentum targeting May’s low.
Previous support line, 100-SMA add to the upside filters.

Anil Panchal FXStreet

EUR/USD extends bounce off 11-week low, marked last week, amid a sluggish Asian session on Wednesday. That said, the pair recently picks up bids to 1.1942 following the upside break of the highs marked during Friday and Monday.

Considering the bullish MACD signals favoring the breakout, EUR/USD is up for further advances to the previous month’s low surrounding 1.1985. However, any extra rise will be a bumpy road to the north.

Among the hurdles past 1.1985, the 1.2000 psychological magnet and the previous support line from May 28, around 1.2030, take the front seats to test the pair buyers. Following that, the 100-SMA level of 1.2100 and the mid-month peak near 1.2150 will be important to watch.

Alternatively, the stated double tops around 1.1925-20 become immediate support to watch during the quote’s pullback moves.

In a case where EUR/USD bears keep reins below 1.1920, 1.1880 and the recent multi-day low around 1.1845 should return to the chart before highlighting the early March low near 1.1835.

EUR/USD four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.1942
Today Daily Change	24 pips
Today Daily Change %	0.20%
Today daily open	1.1918

Trends
Daily SMA20	1.2129
Daily SMA50	1.2098
Daily SMA100	1.2034
Daily SMA200	1.1996

Levels
Previous Daily High	1.1921
Previous Daily Low	1.1848
Previous Weekly High	1.2147
Previous Weekly Low	1.1847
Previous Monthly High	1.2266
Previous Monthly Low	1.1986
Daily Fibonacci 38.2%	1.1893
Daily Fibonacci 61.8%	1.1876
Daily Pivot Point S1	1.187
Daily Pivot Point S2	1.1822
Daily Pivot Point S3	1.1796
Daily Pivot Point R1	1.1944
Daily Pivot Point R2	1.1969
Daily Pivot Point R3	1.2017

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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