EUR/USD Price Analysis: Bulls eye 1.1315-20 resistance confluence

EUR/USD remains on the front foot, carrying the early breakout of short-term descending trend line.
Upbeat MACD, firmer RSI adds to the bullish bias but a convergence of 200-SMA, 100-SMA will be the key.
Sellers will wait for downside break of 1.1200 for fresh entries.

Anil Panchal FXStreet

EUR/USD grinds higher around the weekly top near 1.1270 following a three-day uptrend during the initial Asian session on Wednesday.

The major currency pair gained upside momentum after Monday’s upside break of a three-week-old descending resistance line, now support around 1.1205.

The bullish bias then gained support from MACD and RSI to flirt with the 38.2% Fibonacci retracement (Fibo.) level of January 14-28 downside.

It’s worth noting that the EUR/USD buyers aim for 50% Fibo. around 1.1300 as an immediate target during the further advances. However, a confluence of the 100-SMA and 200-SMA around 1.1315-20 will be a tough nut to crack for the pair bulls afterward.

Meanwhile, pullback moves remain elusive until staying beyond the resistance-turned-support and 23.6% Fibonacci retracement level near 1.1200.

Following that, the yearly low around 1.1120 and the 1.1100 threshold may lure EUR/USD bears ahead of the April 2020 peak surrounding 1.1020.

EUR/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.1271
Today Daily Change	0.0036
Today Daily Change %	0.32%
Today daily open	1.1235

Trends
Daily SMA20	1.1318
Daily SMA50	1.1307
Daily SMA100	1.1445
Daily SMA200	1.1692

Levels
Previous Daily High	1.1248
Previous Daily Low	1.1138
Previous Weekly High	1.1347
Previous Weekly Low	1.1121
Previous Monthly High	1.1483
Previous Monthly Low	1.1121
Daily Fibonacci 38.2%	1.1206
Daily Fibonacci 61.8%	1.118
Daily Pivot Point S1	1.1166
Daily Pivot Point S2	1.1098
Daily Pivot Point S3	1.1057
Daily Pivot Point R1	1.1276
Daily Pivot Point R2	1.1317
Daily Pivot Point R3	1.1386

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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