EUR/USD Price Analysis: Euro buyers flirt with resistance-turned-support near 1.0730

EUR/USD struggles to extend corrective bounce off multi-day low.
Bearish MACD signals, market’s cautious mood prod Euro buyers.
RSI conditions, clear break of previous key resistances keep buyers directed towards 100-DMA.
Sellers need validation from five-month-old ascending support line to retake control.

Anil Panchal FXStreet

EUR/USD remains sidelined around 1.0730-35 as bulls seek more clues to extend the previous day’s recovery from a 10-week low amid Wednesday’s sluggish Asian session. In doing so, the Euro pair portrays the market’s anxiety as the key European/US data and events stand ready to prod the market’s momentum.

Also read: EUR/USD rebound pauses around 1.0750, German inflation, US employment clues eyed

That said, the Euro pair’s successful trading above a downward-sloping trend line from early May, around 1.0725, as well as the 61.8% Fibonacci retracement of its January-May upside, near 1.0715, joins the nearly oversold RSI (14) line to keep the buyers hopeful of further upside.

However, the bearish MACD signals and a horizontal area comprising multiple levels marked since mid-March, close to 1.0760, appear a tough nut to crack for the EUR/USD bulls.

Even if the Euro buyers manage to cross the 1.0760 hurdle, the 100-DMA level surrounding 1.0815 can act as the last defense of the bears.

Meanwhile, the EUR/USD pair’s downside remains elusive unless it drops back below the aforementioned 61.8% Fibonacci retracement level, also known as the golden ratio, around 1.0715. It should be noted that the resistance-turned-support line near 1.0725 limits the immediate downside of the quote.

In a case where the EUR/USD drops below 1.0715, the 1.0700 round figure and an upward-sloping support line from March 15 will be in the spotlight.

EUR/USD: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.0732
Today Daily Change	-0.0002
Today Daily Change %	-0.02%
Today daily open	1.0734

Trends
Daily SMA20	1.0859
Daily SMA50	1.0903
Daily SMA100	1.0816
Daily SMA200	1.049

Levels
Previous Daily High	1.0747
Previous Daily Low	1.0672
Previous Weekly High	1.0831
Previous Weekly Low	1.0702
Previous Monthly High	1.1095
Previous Monthly Low	1.0788
Daily Fibonacci 38.2%	1.072
Daily Fibonacci 61.8%	1.0729
Daily Pivot Point S1	1.0689
Daily Pivot Point S2	1.0644
Daily Pivot Point S3	1.0615
Daily Pivot Point R1	1.0763
Daily Pivot Point R2	1.0792
Daily Pivot Point R3	1.0837

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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