• EUR/USD comes under pressure and drops to 1.0650.
  • There is still scope for extra upside in the near term.

EUR/USD trims part of its recent advance to the 1.0750 region and returns to the 1.0650 area on Wednesday.

Considering the pair’s current price action, the continuation of the rebound looks likely in the very near term at least. That said, the next up barrier now appears at the 55-day SMA, today at 1.0787 ahead of the 3-month resistance line around 1.0830.

The breakout of this area should mitigate the selling pressure and allow for a probable move to the weekly high at 1.0936 (April 21).

The daily RSI around 51 also indicates that extra upside could still be in store for the pair until it reaches the overbought territory (>70).

EUR/USD daily chart

EUR/USD

Overview
Today last price 1.0656
Today Daily Change 93
Today Daily Change % -0.75
Today daily open 1.0737
 
Trends
Daily SMA20 1.0539
Daily SMA50 1.077
Daily SMA100 1.1013
Daily SMA200 1.1274
 
Levels
Previous Daily High 1.0749
Previous Daily Low 1.0661
Previous Weekly High 1.0607
Previous Weekly Low 1.0389
Previous Monthly High 1.1076
Previous Monthly Low 1.0471
Daily Fibonacci 38.2% 1.0715
Daily Fibonacci 61.8% 1.0694
Daily Pivot Point S1 1.0682
Daily Pivot Point S2 1.0628
Daily Pivot Point S3 1.0595
Daily Pivot Point R1 1.077
Daily Pivot Point R2 1.0803
Daily Pivot Point R3 1.0858

 

 

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