• EUR/USD retreats from a three-day-old descending trend line.
  • Sustained trading beyond the key HMAs, firmer oscillators keep buyers hopeful.
  • 61.8% Fibonacci Expansion lures the bulls, sellers need validation from 200-HMA.

EUR/USD pares intraday gains around 1.0700 while stepping back from an immediate resistance line. In doing so, the major currency pair reverses the previous day’s pullback from the monthly high during Thursday’s Asian session.

Although a downward sloping trend line from Tuesday restricts the nearby EUR/USD upside around 1.0710, the quote’s ability to stay firmer past the 100-HMA and the 200-HMA keeps the buyers hopeful of overcoming the nearby hurdle.

Also favoring the upside bias is a one-week-old ascending trend line and the bullish MACD signals, not to forget firmer RSI (14).

That said, the 61.8% Fibonacci Expansion (FE) of May 20-25 moves, around 1.0770, gains the EUR/USD pair buyer’s attention until the quote stays beyond the weekly support line and the 100-HMA level, respectively around 1.0660 and 1.0650.

Even if the quote drops past 1.0650, the 200-HMA level of 1.0568 will test the bears before giving them control.

On the contrary, sustained trading beyond 1.0770 will help the EUR/USD buyers to aim for a late April swing high surrounding 1.0935.

EUR/USD: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 1.0702
Today Daily Change 0.0015
Today Daily Change % 0.14%
Today daily open 1.0687
 
Trends
Daily SMA20 1.0545
Daily SMA50 1.0763
Daily SMA100 1.1007
Daily SMA200 1.1269
 
Levels
Previous Daily High 1.0739
Previous Daily Low 1.0642
Previous Weekly High 1.0607
Previous Weekly Low 1.0389
Previous Monthly High 1.1076
Previous Monthly Low 1.0471
Daily Fibonacci 38.2% 1.0679
Daily Fibonacci 61.8% 1.0702
Daily Pivot Point S1 1.064
Daily Pivot Point S2 1.0593
Daily Pivot Point S3 1.0543
Daily Pivot Point R1 1.0736
Daily Pivot Point R2 1.0786
Daily Pivot Point R3 1.0833

 

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD recovers modestly, trades above 1.0400

EUR/USD recovers modestly, trades above 1.0400

EUR/USD has managed to stage a modest rebound in the American session and climbed above 1.0400. Despite the risk-averse market environment, falling US Treasury bond yields after the latest inflation data seem to be limiting the greenback's gains for the time being.

EUR/USD News

GBP/USD rises above 1.2150 as dollar retreats

GBP/USD rises above 1.2150 as dollar retreats

Gold has gained traction and turned positive on the day above 1.2150. With the US T-bond yields falling sharply on soft inflation data, the US Dollar Index turned south and erased a large portion of its daily gains, helping GBP/USD push higher.

GBP/USD News

Gold rebounds toward $1,820 on falling yields

Gold rebounds toward $1,820 on falling yields

Gold has turned north and advanced to the $1,820 area after having dropped toward $1,800 earlier in the day. The benchmark 10-year US T-bond yield is down more than 2% on the day near 3% after the latest US data, fueling XAU/USD's upside.

Gold News

Breaking: Ethereum price tanks below $1,000

Breaking: Ethereum price tanks below $1,000

Ethereum price has breached a critical area of support over the past few hours, dipping below $1,000. The Fibonacci retracement indicator shows that ETH lacks any significant support levels that could keep prices at bay.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures