- 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
|Today last price||1.0702|
|Today Daily Change||0.0015|
|Today Daily Change %||0.14%|
|Today daily open||1.0687|
|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.