EUR/USD Price Analysis: Bulls need to cross 1.2060 to keep the reins


  • EUR/USD stays on the front foot, recently inactive, near seven-week top.
  • 100-day SMA tests the upside break of the key resistance line, now support.
  • Bullish MACD, sustained trading above 200-day SMA favor buyers.

EUR/USD buyers catch a breather around 1.2040, after rising the most in two weeks, during Tuesday’s Asian session. In doing so, the quote keeps the previous day’s upside break of a descending trend line from January 06, also staying above the 200-day SMA, amid the bullish MACD signals.

However, 100-day SMA around 1.2060 tests the major currency pair’s latest run-up, a break of which will highlight March’s top of 1.2133 and late January peak surrounding 1.2190 for the EUR/USD bulls.

Given the strong MACD signals and the quote’s ability to trade successfully beyond 200-day SMA, EUR/USD prices are likely to remain firm before hitting February’s top near 1.2245.

Alternatively, pullback moves below the immediate support line, previous resistance, surrounding 1.2015 will recall the mid-March tops near 1.1990 to the chart.

However, EUR/USD sellers are less expected to take fresh entries until witnessing a daily closing below the 200-day SMA level of 1.1920.

EUR/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 1.2039
Today Daily Change 54 pips
Today Daily Change % 0.45%
Today daily open 1.1985
 
Trends
Daily SMA20 1.1853
Daily SMA50 1.1963
Daily SMA100 1.2058
Daily SMA200 1.1913
 
Levels
Previous Daily High 1.1995
Previous Daily Low 1.195
Previous Weekly High 1.1995
Previous Weekly Low 1.1871
Previous Monthly High 1.2113
Previous Monthly Low 1.1704
Daily Fibonacci 38.2% 1.1978
Daily Fibonacci 61.8% 1.1967
Daily Pivot Point S1 1.1959
Daily Pivot Point S2 1.1933
Daily Pivot Point S3 1.1915
Daily Pivot Point R1 1.2003
Daily Pivot Point R2 1.2021
Daily Pivot Point R3 1.2047

 

 

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