EUR/USD Price Analysis: Bulls flirt with 1.0730 resistance confluence


  • EUR/USD seesaws around one-month high during a three-day uptrend.
  • Convergence of 50-DMA, 38.2% Fibonacci retracement level challenge buyers.
  • Sustained bounce off 100-DMA, the strongest bullish MACD signal in two months suggest further upside.

EUR/USD bulls take a breather around the 1.0730 resistance confluence after refreshing the one-month during early Monday. In doing so, the Euro pair jostles with a convergence of the 50-DMA and 38.2% Fibonacci retracement level of the quote’s upside from November 2022 to the previous monthly top.

The MACD prints the strongest bullish signal since early January and joins the aforementioned catalysts to keep EUR/USD buyers hopeful.

Additionally, the major currency pair’s successful upside break of a one-month-old descending resistance line, now support around 1.0630, joins the sustained bounce off the 100-DMA level surrounding 1.0540 to favor the EUR/USD bulls.

Even if the Euro bears manage to conquer the 1.0540 support, the low marked so far in March near 1.0525 precedes January’s bottom surrounding 1.0480 to challenge the further downside.

On the flip side, the EUR/USD pair’s daily closing beyond the 1.0730 resistance confluence could quickly direct buyers towards a three-month-old resistance line, near 1.0820 at the latest.

It should, however, be noted that the Euro pair’s run-up beyond 1.0820 may need validation from late January’s swing high of near 1.0930 before challenging the previous monthly top close to 1.1035.

Overall, EUR/USD is likely to rise further but a daily closing beyond 1.0730 could fasten the run-up.

EUR/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 1.0728
Today Daily Change 0.0091
Today Daily Change % 0.86%
Today daily open 1.0637
 
Trends
Daily SMA20 1.0634
Daily SMA50 1.0722
Daily SMA100 1.0534
Daily SMA200 1.0326
 
Levels
Previous Daily High 1.0701
Previous Daily Low 1.0574
Previous Weekly High 1.0701
Previous Weekly Low 1.0524
Previous Monthly High 1.1033
Previous Monthly Low 1.0533
Daily Fibonacci 38.2% 1.0652
Daily Fibonacci 61.8% 1.0622
Daily Pivot Point S1 1.0574
Daily Pivot Point S2 1.0511
Daily Pivot Point S3 1.0447
Daily Pivot Point R1 1.07
Daily Pivot Point R2 1.0764
Daily Pivot Point R3 1.0827

 

 

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