EUR/USD Price Analysis: Euro is defending 200-hour SMA support


  • EUR/USD's pullback from 1.1371 to 1.1275 has weakened the immediate bull bias. 
  • The pair, however, is still holding above the 200-hour SMA. 

EUR/USD is down but not out. The pair is trading in the red near 1.1275 at press time, having faced rejection at a one-month high of 1.1371 on Thursday. 

The pair’s failure to keep gains above the key resistance at 1.1349 (lower high created on June 23) has weakened the immediate bullish case put forward by the descending triangle breakout confirmed earlier this week. 

However, the bias would turn bearish only if buyers fail to defend the 200-hour simple moving average (SMA), currently at 1.1271. The pair defended that support early Friday. So far, however, a stronger bounce has remained elusive. 

Acceptance under the 200-hour SMA would invalidate the higher lows setup on the hourly chart and shift risk in favor of a decline to 1.12. Alternatively, a strong bounce from the key average, if followed by, a quick break above 1.1349, would put the focus back on the recent high of 1.1422. 

Hourly chart

Trend: Neutral

Technical levels

EUR/USD

Overview
Today last price 1.1275
Today Daily Change -0.0010
Today Daily Change % -0.09
Today daily open 1.1285
 
Trends
Daily SMA20 1.1257
Daily SMA50 1.1113
Daily SMA100 1.1037
Daily SMA200 1.1049
 
Levels
Previous Daily High 1.1371
Previous Daily Low 1.128
Previous Weekly High 1.1303
Previous Weekly Low 1.1185
Previous Monthly High 1.1422
Previous Monthly Low 1.1097
Daily Fibonacci 38.2% 1.1315
Daily Fibonacci 61.8% 1.1336
Daily Pivot Point S1 1.1253
Daily Pivot Point S2 1.1222
Daily Pivot Point S3 1.1163
Daily Pivot Point R1 1.1344
Daily Pivot Point R2 1.1402
Daily Pivot Point R3 1.1434

 

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