EUR/USD Price Analysis: Extends bounce off 50-SMA inside bullish channel


  • EUR/USD grinds higher during five-week winning streak, steadies of late.
  • Bullish chart pattern, sustained bounce off 50-SMA joins upbeat RSI to keep buyers hopeful.
  • Sellers need to conquer monthly support to retake control.

EUR/USD prints mild gains around the 1.0900 threshold as traders await fresh clues to extend the five-day uptrend during Wednesday’s sluggish Asian session.

Even so, the two-week-old rising trend channel joins the EUR/USD pair’s successful rebound from the 50-SMA, around 1.0835 by the press time, to underpin the bullish bias for the major currency pair.

It’s worth noting that the weekly resistance breakout and the firmer RSI (14) also keep the EUR/USD bulls hopeful.

That said, the EUR/USD bulls are en route to the top line of the aforementioned bullish channel, close to 1.0945 at the latest.

Following that, the 1.1000 round figure and March 2022 peak surrounding 1.1185 could gain the market’s attention.

Alternatively, pullback moves need to drop back below the immediate resistance-turned-support line from Monday, close to 1.0875 at the latest, before aiming for the 50-SMA support of 1.0838.

Even if the EUR/USD pair remains bearish past 1.0838, the lower line of the stated channel, near 1.0820 by the press time, becomes the key to watch for clear directions.

It should be observed that a horizontal area comprising multiple levels marked since the start of 2023, close to 1.0700, will be crucial for the EUR/USD bear’s conviction.

EUR/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 1.089
Today Daily Change 0.0008
Today Daily Change % 0.07%
Today daily open 1.0882
 
Trends
Daily SMA20 1.0736
Daily SMA50 1.0592
Daily SMA100 1.0251
Daily SMA200 1.0311
 
Levels
Previous Daily High 1.0898
Previous Daily Low 1.0835
Previous Weekly High 1.0888
Previous Weekly Low 1.0766
Previous Monthly High 1.0736
Previous Monthly Low 1.0393
Daily Fibonacci 38.2% 1.0874
Daily Fibonacci 61.8% 1.0859
Daily Pivot Point S1 1.0845
Daily Pivot Point S2 1.0809
Daily Pivot Point S3 1.0783
Daily Pivot Point R1 1.0908
Daily Pivot Point R2 1.0934
Daily Pivot Point R3 1.0971

 

 

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