EUR/USD Price Analysis: Dribbles within key SMA envelope below 1.1000 ahead of US Durable Goods Orders

EUR/USD remains sidelined after posting the biggest daily slump in six weeks.
50-SMA, 100-SMA restrict immediate Euro moves while defending buyers past one-month-old ascending support line.
Downbeat oscillators, failure to pick-up bids keep EUR/USD bears hopeful.
US Durable Goods Orders for March will provide early signals for the key US Q1 GDP.

Anil Panchal FXStreet

EUR/USD treads water around 1.0980 heading into Wednesday’s European session as bears take a breather after posting the biggest daily loss in 1.5 months. Also challenging the Euro pair’s latest moves could be the cautious mood ahead of the US Durable Goods Orders for March, expected to improve to 0.8% versus -1.0% prior.

Also read: EUR/USD licks its wounds near 1.0970 after banking woes propelled the biggest daily fall in six weeks

Apart from an immediate challenge to the EUR/USD pair’s momentum caused by the 50-SMA and the 100-SMA, an upward-sloping support line from late March, also restrict the quote’s nearby moves by offering a strong support around 1.0955.

It’s worth noting, however, that the quote’s hesitance in accepting bids joins the bearish MACD signals and a mostly steady RSI (14) keeps the EUR/USD sellers hopeful.

However, a clear downside break of the 1.0955 support confluence, encompassing the 100-SMA and the aforementioned trend line, becomes necessary to convince the Euro sellers.

Even so, the 200-SMA level of 1.0865 can act as the last defense of the EUR/USD buyers.

On the contrary, an upside break of the 50-SMA hurdle of 1.0980 will need validation from the 1.1000 psychological magnet to convince the Euro bulls.

Following that, a descending resistance line from mid-April, close to 1.1065 at the latest, will be crucial for the EUR/USD pair to cross to keep the bulls on board.

EUR/USD: Four-hour chart

Trend: Downside expected

Additional important levels

Overview
Today last price	1.0975
Today Daily Change	0.0002
Today Daily Change %	0.02%
Today daily open	1.0973

Trends
Daily SMA20	1.094
Daily SMA50	1.0778
Daily SMA100	1.0747
Daily SMA200	1.0401

Levels
Previous Daily High	1.1067
Previous Daily Low	1.0964
Previous Weekly High	1.1
Previous Weekly Low	1.0909
Previous Monthly High	1.093
Previous Monthly Low	1.0516
Daily Fibonacci 38.2%	1.1003
Daily Fibonacci 61.8%	1.1028
Daily Pivot Point S1	1.0936
Daily Pivot Point S2	1.0898
Daily Pivot Point S3	1.0832
Daily Pivot Point R1	1.1039
Daily Pivot Point R2	1.1104
Daily Pivot Point R3	1.1142

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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