EUR/USD Price Analysis: Corrective pullback eyes weekly resistance above 1.1200


  • EUR/USD takes the bids to refresh intraday high, bounce off 16-month low.
  • Bullish MACD signals, firmer Momentum line favor rebound.
  • 100-SMA, one-week-old horizontal line add to the upside filters.

EUR/USD consolidates recent losses around multi-month low, picking up bids to refresh daily top to 1.1211 during early Thursday.

The major currency pair dropped to the fresh low since July 2020 the previous day before bouncing off the 1.1186 level.

The recovery moves gain support from the bullish MACD signals and upward sloping Momentum line to direct buyers towards a one-week-long descending trend line near 1.1220.

However, a convergence of the 100-SMA and a weekly horizontal resistance, previous support, challenges the EUR/USD pair’s further advances around 1.1235.

Should the quote manage to cross the 1.1235 hurdle, the weekly high of 1.1290 will be in focus.

On the flip side, EUR/USD bears will take fresh entries on witnessing a clear downside break of the 1.1200 threshold but lows marked during July 2020, as well as recently, highlight 1.1185 as the key support.

Even if the pair drops below 1.1185, June 2020 swing low will challenge the further declines around 1.1168.

EUR/USD: 30-minute chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 1.121
Today Daily Change 0.0005
Today Daily Change % 0.04%
Today daily open 1.1205
 
Trends
Daily SMA20 1.1453
Daily SMA50 1.1561
Daily SMA100 1.1681
Daily SMA200 1.1846
 
Levels
Previous Daily High 1.1255
Previous Daily Low 1.1186
Previous Weekly High 1.1464
Previous Weekly Low 1.125
Previous Monthly High 1.1692
Previous Monthly Low 1.1524
Daily Fibonacci 38.2% 1.1213
Daily Fibonacci 61.8% 1.1229
Daily Pivot Point S1 1.1176
Daily Pivot Point S2 1.1147
Daily Pivot Point S3 1.1107
Daily Pivot Point R1 1.1245
Daily Pivot Point R2 1.1285
Daily Pivot Point R3 1.1314

 

 

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

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD eases towards 1.1300 as yields pause south-run

EUR/USD is easing towards 1.1300, having faced rejection just shy of 1.1350. The recovery in the risk sentiment pauses the Treasury yields’ south-run, underpinning the US dollar. Fedspeak, US Jobless Claims, Omicron updates in focus ahead of Friday’s US NFP.

EUR/USD News

GBP/USD drops back below 1.3300 as USD rebounds

GBP/USD is trading below 1.3300, paring back gains amid resurgent US dollar demand. The greenback rebounds with yields on Fed’s hawkish view. Concerns over the Omicron covid variant and Brexit issues continue to limit the pair’s upside. US data awaited amid a light UK docket.

GBP/USD News

Gold struggles near one-month low, around $1,770 region

The Fed's hawkish outlook prompted fresh selling around gold on Thursday. A stronger USD offset Omicron fears and further weighed on the commodity. The technical set-up supports prospects for a slide to November swing low.

Gold News

Solana price to provide another buy opportunity before SOL tags $250

A brief technical and on-chain analysis on Solana price. Here, FXStreet's analysts evaluate how SOL could be bound for a brief correction.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

Forex MAJORS

Cryptocurrencies

Signatures