EUR/USD Price Analysis: Extends bounce off 50-day SMA above 1.2100

EUR/USD stretches recovery moves from 1.2076, refreshes intraday high.
One-week-old falling trend line lures the bulls, ascending trend line from November 11 adds to the downside filter.
Upbeat RSI conditions, sustained trading beyond key SMA, support line favor buyers.

Anil Panchal FXStreet

EUR/USD takes the bids near 1.2117, the intraday high, amid Thursday’s Asian session. The quote recently jumped as the recently elected US President Joe Biden unveiled the first executive orders. In doing so, the quote keeps the previous day’s U-turn from 50-day SMA.

Read: Joe Biden signs executive action to rejoin Paris Climate Accord “as of today”

Not only the quote’s ability to stay beyond 50-day SMA but successful trading above more than five-month-old rising support line and upbeat RSI conditions also favor EUR/USD bulls.

As a result, a downward sloping trend line from January 13, at 1.2148 now, gains the intraday buyers’ attention. However, 21-day SMA near 1.2195 and the 1.2200 threshold will restrict further EUR/USD upside.

Should the stated north-run jumps past-1.2200, the multi-month high flashed during the month near 1.2350 will be in the spotlight.

Alternatively, a downside break of 50-day SMA, currently around 1.2100, will eye for the stated support line figures of 1.2072.

However, any further weakness past-1.2072 will make EUR/USD prices vulnerable to revisit the sub-1.2000 area wherein the early-November top surrounding 1.1920 becomes important to watch.

EUR/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.2116
Today Daily Change	-11 pips
Today Daily Change %	-0.09%
Today daily open	1.2127

Trends
Daily SMA20	1.2204
Daily SMA50	1.2093
Daily SMA100	1.1933
Daily SMA200	1.1622

Levels
Previous Daily High	1.2145
Previous Daily Low	1.2074
Previous Weekly High	1.2227
Previous Weekly Low	1.2077
Previous Monthly High	1.231
Previous Monthly Low	1.1924
Daily Fibonacci 38.2%	1.2118
Daily Fibonacci 61.8%	1.2101
Daily Pivot Point S1	1.2086
Daily Pivot Point S2	1.2045
Daily Pivot Point S3	1.2015
Daily Pivot Point R1	1.2157
Daily Pivot Point R2	1.2186
Daily Pivot Point R3	1.2227

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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