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.

Anil Panchal FXStreet

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

Overview
Today last price	1.0868
Today Daily Change	-5 pips
Today Daily Change %	-0.05
Today daily open	1.0873

Trends
Daily SMA20	1.0862
Daily SMA50	1.0958
Daily SMA100	1.101
Daily SMA200	1.1038

Levels
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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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