EUR/USD Price Analysis: Downside pressure alleviated above 1.0700

EUR/USD keeps the march north unabated and tests 1.0580 .
There is a 4-month resistance line around 1.0700.

Pablo Piovano FXStreet

EUR/USD extends the buying bias for the second session in a row and climbs to the 1.0580/85 band on Tuesday.

If bulls push harder, then the pair could attempt a move to the minor hurdle at the June 16 high at 1.0601. Beyond this level comes the 55-day SMA at 1.0642 prior to the 4-month line around 1.0700. Spot needs to clear the latter to mitigate the selling pressure and allow for the continuation of the recovery in the short-term horizon.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1155.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.055
Today Daily Change	76
Today Daily Change %	0.34
Today daily open	1.0514

Trends
Daily SMA20	1.0629
Daily SMA50	1.0627
Daily SMA100	1.0881
Daily SMA200	1.1163

Levels
Previous Daily High	1.0546
Previous Daily Low	1.0474
Previous Weekly High	1.0601
Previous Weekly Low	1.0359
Previous Monthly High	1.0787
Previous Monthly Low	1.035
Daily Fibonacci 38.2%	1.0519
Daily Fibonacci 61.8%	1.0502
Daily Pivot Point S1	1.0477
Daily Pivot Point S2	1.044
Daily Pivot Point S3	1.0405
Daily Pivot Point R1	1.0548
Daily Pivot Point R2	1.0583
Daily Pivot Point R3	1.062

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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