EUR/USD Price Analysis: Fades bounce off seven-week-old support line, 100-bar SMA

EUR/USD consolidates recent gains above 1.2200, follows three-day-old falling trend line while easing off-late.
RSI conditions, ability to stay above the key supports keep buyers hopeful.

Anil Panchal FXStreet

EUR/USD takes rounds to 1.2230 during Tuesday’s Asian session. In doing so, the major currency pair maintains the lower high formation from the last Thursday, as portrayed by a short-term resistance line.

However, strong RSI and the pair’s ability to bounce off an ascending trend line from November 04 as well as 100-bar SMA keeps the EUR/USD buyers hopeful of clearing the immediate hurdle, around 1.2140.

Following that, the monthly high near 1.2275 will be the key as any further north-run will not hesitate to challenge the April 2018 peak surrounding 1.2400.

Meanwhile, the early December tops near 1.2175 can offer immediate support ahead of the stated confluence of the trend line and SMA, around 1.2130.

In a case where EUR/USD sellers manage to break the 1.2130 support joint, 1.2040 can offer an intermediate halt before highlighting the 1.2000 psychological magnet.

EUR/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.2237
Today Daily Change	5 pips
Today Daily Change %	0.04%
Today daily open	1.2232

Trends
Daily SMA20	1.2093
Daily SMA50	1.191
Daily SMA100	1.1856
Daily SMA200	1.1486

Levels
Previous Daily High	1.2253
Previous Daily Low	1.213
Previous Weekly High	1.2273
Previous Weekly Low	1.2116
Previous Monthly High	1.2003
Previous Monthly Low	1.1603
Daily Fibonacci 38.2%	1.2177
Daily Fibonacci 61.8%	1.2206
Daily Pivot Point S1	1.2157
Daily Pivot Point S2	1.2082
Daily Pivot Point S3	1.2034
Daily Pivot Point R1	1.228
Daily Pivot Point R2	1.2328
Daily Pivot Point R3	1.2404

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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