- EUR/USD treads water after three-day uptrend, dribbles around two-week high.
- Clear break of 10-DMA, impending bull cross on MACD favor buyers.
- Convergence of 21-DMA, 50-DMA appears a tough nut to crack for the bulls.
- One-week-old ascending trend line adds to the downside filters.
EUR/USD bulls take a breather around 1.0570, following a three-day uptrend, as traders await the preliminary PMIs for June month from Eurozone and the US during early Thursday.
Even so, the major currency pair defends the previous day’s breakout of the 10-DMA, the first since early June, which in turn keeps buyers hopeful. Additionally suggesting the quote’s further upside is the looming bull cross of the MACD.
With this, the EUR/USD buyers are all set to challenge the 1.0610 hurdle comprising the 50-DMA and the 21-DMA.
It should be noted, however, that the pair’s ability to cross the 1.0610 key resistance will propel it towards a two-month-old downward sloping resistance line, at 1.0690 by the press time.
On the contrary, pullback moves remain elusive until the EUR/USD prices remain beyond the 10-DMA level of 1.0500.
Following that, a one-week-long support line, close to 1.0485 at the latest, will act as an additional downside filter before directing the pair towards the recently flashed multi-month low of 1.0349.
EUR/USD: Daily chart
Trend: Further upside expected
Additional important levels
|Today last price||1.0567|
|Today Daily Change||0.0038|
|Today Daily Change %||0.36%|
|Today daily open||1.0529|
|Previous Daily High||1.0583|
|Previous Daily Low||1.0509|
|Previous Weekly High||1.0601|
|Previous Weekly Low||1.0359|
|Previous Monthly High||1.0787|
|Previous Monthly Low||1.035|
|Daily Fibonacci 38.2%||1.0555|
|Daily Fibonacci 61.8%||1.0537|
|Daily Pivot Point S1||1.0498|
|Daily Pivot Point S2||1.0466|
|Daily Pivot Point S3||1.0424|
|Daily Pivot Point R1||1.0571|
|Daily Pivot Point R2||1.0614|
|Daily Pivot Point R3||1.0645|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.