EUR/USD Price Analysis: Fades bounce off 100-SMA above 1.0400


  • EUR/USD retreats from intraday high to pare daily gains.
  • Bullish MACD signals, steady RSI favor the rebound from 100-SMA.
  • Double tops around 1.0480 appears a tough nut to crack for bulls.
  • Sellers have a bumpy road to return unless breaking 200-SMA.

EUR/USD grinds higher past 1.0400, taking rounds to 1.0430 during early Thursday, as bulls await the key data/events after posting the biggest monthly jump since September 2010.

Also read: EUR/USD bulls approach 1.0500 hurdle ahead of German Retail Sales, Fed’s preferred inflation data

In doing so, the major currency pair struggles to extend the previous day’s U-turn from the 100-SMA.

However, recent bullish signals on the MACD and steady RSI keep EU/USD buyers hopeful as they approach the 1.0480 key hurdle comprising the tops marked on November 15 and 28.

In a case where EUR/USD manages to cross the 1.0480 resistance, the 1.0500 threshold may act as an additional upside filter before directing the prices toward the 61.8% Fibonacci Expansion (FE) of the pair’s November 10-21 moves, near 1.0570. Following that, the late June peak surrounding 1.0615 will be in focus.

Alternatively, pullback remains elusive beyond the 100-SMA support level surrounding 1.0315.

Also acting as a downside filter is the horizontal support including levels marked since November 10, around 1.0225.

Should the EUR/USD bears keep the reins past 1.0225, the 200-SMA level surrounding 1.0100 could act as the last defense of the bulls.

EUR/USD: Four-hour chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price 1.0426
Today Daily Change 0.0019
Today Daily Change % 0.18%
Today daily open 1.0407
 
Trends
Daily SMA20 1.0249
Daily SMA50 0.9989
Daily SMA100 1.004
Daily SMA200 1.0374
 
Levels
Previous Daily High 1.0429
Previous Daily Low 1.029
Previous Weekly High 1.0449
Previous Weekly Low 1.0223
Previous Monthly High 1.0497
Previous Monthly Low 0.973
Daily Fibonacci 38.2% 1.0376
Daily Fibonacci 61.8% 1.0343
Daily Pivot Point S1 1.0322
Daily Pivot Point S2 1.0237
Daily Pivot Point S3 1.0184
Daily Pivot Point R1 1.0461
Daily Pivot Point R2 1.0514
Daily Pivot Point R3 1.0599

 

 

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