EUR/USD Price Analysis: Doji on the daily indicates indecision

EUR/USD created a Doji candle on Thursday and remains flat in Asia.
Fed's Powell introduced average inflation targeting on Thursday.

Omkar Godbole FXStreet Contributor

The EUR/USD market has turned indecisive, as indicated by Thursday’s Doji candle.

The pair whipsawed after Federal Reserve’s chairman Jerome Powell introduced an average inflation target of 2%. Under the new strategy, the Fed will be more willing to allow inflation to run above the target of 2% before raising rates.

The high and low of the Doji are now key levels to watch out for in the short-term. A close above Doji’s high of 1.1902 would mean the period of indecision has ended with bulls regaining control. In that case, the pair may rise to the psychological hurdle of $1.20.

Alternatively, a close below Doji’s low of 1.1762 would imply a short-term bearish reversal and expose the former hurdle-turned-support at 1.1495 (March high).

Daily chart

Trend: Neutral

Technical levels

EUR/USD

Overview
Today last price	1.1815
Today Daily Change	-0.0007
Today Daily Change %	-0.06
Today daily open	1.1822

Trends
Daily SMA20	1.1818
Daily SMA50	1.1567
Daily SMA100	1.1282
Daily SMA200	1.116

Levels
Previous Daily High	1.1902
Previous Daily Low	1.1762
Previous Weekly High	1.1966
Previous Weekly Low	1.1754
Previous Monthly High	1.1909
Previous Monthly Low	1.1185
Daily Fibonacci 38.2%	1.1816
Daily Fibonacci 61.8%	1.1849
Daily Pivot Point S1	1.1756
Daily Pivot Point S2	1.1689
Daily Pivot Point S3	1.1616
Daily Pivot Point R1	1.1895
Daily Pivot Point R2	1.1968
Daily Pivot Point R3	1.2035

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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