EUR/USD Price Analysis: Downside pressure alleviated above 1.1740

EUR/USD advances for the second session in a row above 1.1600.
The 1.1700 level and the 55-day SMA at 1.1719 come next.

Pablo Piovano FXStreet

EUR/USD accelerates gains to the 1.1670 region on Tuesday, opening the door at the same time for the continuation of the move higher.

That said, and after surpassing the previous top at 1.1624 (October 14), the pair could now attempt to retake the round level at 1.1700 the figure ahead of the interim hurdle at the 100-day SMA, today at 1.1719. Further north comes the short-term resistance line around 1.1740. A breakout of the latter should see the selling pressure mitigated and therefore allow for extra gains to the next relevant resistance in the mid-1.1700s.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side below the key 200-day SMA, today at 1.1924.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1657
Today Daily Change	61
Today Daily Change %	0.40
Today daily open	1.1611

Trends
Daily SMA20	1.162
Daily SMA50	1.1716
Daily SMA100	1.1818
Daily SMA200	1.1929

Levels
Previous Daily High	1.1622
Previous Daily Low	1.1572
Previous Weekly High	1.1624
Previous Weekly Low	1.1524
Previous Monthly High	1.1909
Previous Monthly Low	1.1563
Daily Fibonacci 38.2%	1.1603
Daily Fibonacci 61.8%	1.1591
Daily Pivot Point S1	1.1581
Daily Pivot Point S2	1.1551
Daily Pivot Point S3	1.153
Daily Pivot Point R1	1.1631
Daily Pivot Point R2	1.1652
Daily Pivot Point R3	1.1682

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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