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.

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

Today last price 1.0776
Today Daily Change 0.0006
Today Daily Change % 0.06%
Today daily open 1.077
Daily SMA20 1.093
Daily SMA50 1.0897
Daily SMA100 1.0812
Daily SMA200 1.0473
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



Share: Feed news

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.

Recommended content

Recommended content

Editors’ Picks

EUR/USD climbs to 10-day highs above 1.0700

EUR/USD climbs to 10-day highs above 1.0700

EUR/USD gained traction and rose to its highest level in over a week above 1.0700 in the American session on Tuesday. The renewed US Dollar weakness following the disappointing PMI data helps the pair stretch higher.


GBP/USD extends recovery beyond 1.2400 on broad USD weakness

GBP/USD extends recovery beyond 1.2400 on broad USD weakness

GBP/USD gathered bullish momentum and extended its daily rebound toward 1.2450 in the second half of the day. The US Dollar came under heavy selling pressure after weaker-than-forecast PMI data and fueled the pair's rally. 


Gold rebounds to $2,320 as US yields turn south

Gold rebounds to $2,320 as US yields turn south

Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.

Gold News

Here’s why Ondo price hit new ATH amid bearish market outlook Premium

Here’s why Ondo price hit new ATH amid bearish market outlook

Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.

Read more

Germany’s economic come back

Germany’s economic come back

Germany is the sick man of Europe no more. Thanks to its service sector, it now appears that it will exit recession, and the economic future could be bright. The PMI data for April surprised on the upside for Germany, led by the service sector.

Read more