• EUR/USD remains pressured after taking a U-turn from one-week high.
  • Failures to stay beyond 50-SMA, receding bullish bias of MACD hint at further declines.
  • Bears aim for the latest multi-month low unless crossing 100-SMA.

EUR/USD stays depressed at around 1.0540 during Friday’s initial Asian session, after the bear’s return to the table the previous day.

The major currency pair’s failures to keep the post-Fed rebound beyond the short-term key SMAs join the receding bullish bias of the MACD to favor sellers.

That said, the latest weakness aims for an upward sloping trend line from April 28, surrounding 1.0510, ahead of challenging the 1.0500 threshold.

In a case where the EUR/USD fails to rebound from the 1.0500, it can drop to the previous month’s bottom, also the lowest level since 2017, around 1.0470.

It should be noted, however, that the 61.8% Fibonacci Expansion (FE) of the pair’s moves between April 25 and May 05, around 1.0425, will challenge the EUR/USD bears afterward.

Meanwhile, recovery moves may initially aim for the 50-SMA and the recent swing high, respectively around 1.0560 and 1.0640.

However, EUR/USD bulls will remain cautious until witnessing a clear break of the 100-SMA, close to 1.0690 at the latest.

EUR/USD: Four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price 1.0542
Today Daily Change -0.0080
Today Daily Change % -0.75%
Today daily open 1.0622
 
Trends
Daily SMA20 1.0732
Daily SMA50 1.091
Daily SMA100 1.1122
Daily SMA200 1.1362
 
Levels
Previous Daily High 1.0631
Previous Daily Low 1.0506
Previous Weekly High 1.0816
Previous Weekly Low 1.0471
Previous Monthly High 1.1076
Previous Monthly Low 1.0471
Daily Fibonacci 38.2% 1.0583
Daily Fibonacci 61.8% 1.0554
Daily Pivot Point S1 1.0542
Daily Pivot Point S2 1.0462
Daily Pivot Point S3 1.0417
Daily Pivot Point R1 1.0667
Daily Pivot Point R2 1.0711
Daily Pivot Point R3 1.0792

 

 

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