EUR/USD Price Analysis: Double bottom around 1.0760 keeps Euro buyers hopeful

EUR/USD picks up bids to consolidate recent losses, forms bullish chart pattern.
Convergence of 50-HMA, 100-HMA and fortnight-long resistance line appears a tough nut to crack for Euro buyers.
Sellers can aim for late March swing lows on 1.0760 breakdown.
ECB’s Lagarde, Fed Minutes eyed for clear directions.

Anil Panchal FXStreet

EUR/USD glides on a dicey floor with mild gains around 1.0775 as it waits for the key catalysts on early Wednesday in Europe. In doing so, the Euro pair forms a bullish chart pattern called the “Double Bottom” with eyes on a speech from European Central Bank (ECB) President Christine Lagarde and Minutes of the latest Federal Open Market Committee (FOMC) Monetary Policy Meeting.

Also read: EUR/USD dribbles below 1.0800 amid lackluster US debt ceiling talks, focus on ECB’s Lagarde, Fed Minutes

Not only the “Double Bottom” formation but the recent improvements in the RSI (14) line from the oversold territory and the bullish MACD signals also underpin the hopes of the EUR/USD pair’s further recovery.

However, the 100-Hour Moving Average (HMA) joins the 50-HMA and a downward-sloping trend line from early May to constitute the 1.0800 as the key upside hurdle for the Euro buyers to cross to retake control.

Following that, a quick run-up towards the 200-HMA and mid-May low, respectively near 1.0835 and 1.0845 can’t be ruled out.

On the contrary, EUR/USD pullback remains elusive unless the quote stays beyond the “Double Bottom” of around 1.0760.

Should the Euro bears manage to conquer the 1.0760 key support and defy the bullish chart formation, the pair becomes vulnerable to plunging toward the late March low of near 1.0715.

EUR/USD: Hourly chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	1.0776
Today Daily Change	0.0006
Today Daily Change %	0.06%
Today daily open	1.077

Trends
Daily SMA20	1.093
Daily SMA50	1.0897
Daily SMA100	1.0812
Daily SMA200	1.0473

Levels
Previous Daily High	1.082
Previous Daily Low	1.076
Previous Weekly High	1.0904
Previous Weekly Low	1.076
Previous Monthly High	1.1095
Previous Monthly Low	1.0788
Daily Fibonacci 38.2%	1.0783
Daily Fibonacci 61.8%	1.0798
Daily Pivot Point S1	1.0747
Daily Pivot Point S2	1.0723
Daily Pivot Point S3	1.0687
Daily Pivot Point R1	1.0807
Daily Pivot Point R2	1.0844
Daily Pivot Point R3	1.0867

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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