EUR/USD Price Analysis: Defies short-term rising wedge confirmation, but still below 1.0900 ahead of ECB

  • EUR/USD fails to extend the downtick below the short-term support line.
  • A fortnight-old resistance trend line, 61.8% Fibonacci retracement can question the pullback moves.
  • 1.0800 and 1.0760 can offer intermediate halts during the pair’s fresh declines.

EUR/USD trims early-Asia losses with the latest bounces propelling the quote to 1.0870 during the initial trading on Thursday. In doing so, the pair defies the confirmation of the short-term rising wedge bearish chart pattern.

However, a downward sloping trend line since April 16, 2020, as well as 61.8% Fibonacci retracement of April 14-24 declines, around 1.0885/90, restricts the pair’s upside momentum.

Other than that, the bearish formation’s resistance line, near 1.0915, also add upside barriers to the quote’s recovery moves.

Meanwhile, the pair’s sustained break below 1.0860 support may avail 1.0800 and 1.0760 as buffers during the south-run targeting the latest low close to 1.0725.

EUR/USD hourly chart

Trend: Pullback expected

Additional important levels

Today last price 1.0868
Today Daily Change -5 pips
Today Daily Change % -0.05
Today daily open 1.0873
Daily SMA20 1.0862
Daily SMA50 1.0958
Daily SMA100 1.101
Daily SMA200 1.1038
Previous Daily High 1.0886
Previous Daily Low 1.0819
Previous Weekly High 1.0897
Previous Weekly Low 1.0727
Previous Monthly High 1.1497
Previous Monthly Low 1.0636
Daily Fibonacci 38.2% 1.086
Daily Fibonacci 61.8% 1.0844
Daily Pivot Point S1 1.0833
Daily Pivot Point S2 1.0792
Daily Pivot Point S3 1.0766
Daily Pivot Point R1 1.0899
Daily Pivot Point R2 1.0926
Daily Pivot Point R3 1.0966



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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD hits fresh two-month highs amid dollar weakness

EUR/USD has hit new two-month highs above 1.1940 as the dollar resumes its decline. Optimism about the US transition and covid vaccines is weighing on the safe-haven dollar. 


GBP/USD falls toward 1.33 amid Brexit acrimony

GBP/USD is falling toward 1.33 as both the EU and the UK are busy blaming each other for an impasse in Brexit talks. The thorny issues remain fisheries, governance and setting a level playing field.


XAU/USD attempting to bounce up from $1,775 low

Gold futures accelerated heir downtrend from last week highs near $1,900, breaking below the 200-day SMA, at $1,800 area, to hit its lowest prices in nearly five months, at $1,775.

Gold news

Dollar offered ahead of the weekend

Equities are finishing the week on a firm tone, while the US dollar remains heavy. In the Asia Pacific, only Australia and India did not end the week on a firm note.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info