EUR/USD Price Analysis: Floats above 1.0580 support


  • EUR/USD remains sidelined around three-week-old horizontal support, fades upside momentum of late.
  • Downbeat RSI keeps bears hopeful of meeting 1.0440 support confluence.
  • Bulls need to cross the weekly resistance line to retake control.

EUR/USD fades late Thursday’s corrective bounce off short-term key support as it retreats to 1.0590 during Friday’s Asian session.

Not only the failure to stay beyond the short-term key support but the RSI (14) line also keeps the pair sellers hopeful by printing the sub-50 level but staying beyond the oversold region.

As a result, the quote is likely to break the aforementioned three-week-old horizontal support line, close to 1.0580.

Following that, a slump toward the previous weekly low near the 1.0500 round figure becomes imminent.

However, a convergence of the 200-SMA and a one-month-long ascending trend line, close to 1.0440, appears a tough nut to crack for the EUR/USD bears afterward.

In a case where the pair sellers manage to keep the reins past 1.0440, the late November swing low near 1.0220 will gain the market’s attention.

On the flip side, a one-week-old descending resistance line, close to 1.0650, guards the EUR/USD pair’s immediate recovery moves.

Also acting as upside filters are multiple hurdles around 1.0660 and 1.0700, a break of which could challenge the monthly high of 1.0736.

To sum up, EUR/USD holds onto the bearish bias despite the latest inaction around the short-term key support.

EUR/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 1.06
Today Daily Change 0.0002
Today Daily Change % 0.02%
Today daily open 1.0598
 
Trends
Daily SMA20 1.0529
Daily SMA50 1.0247
Daily SMA100 1.0102
Daily SMA200 1.0337
 
Levels
Previous Daily High 1.0659
Previous Daily Low 1.0573
Previous Weekly High 1.0736
Previous Weekly Low 1.0506
Previous Monthly High 1.0497
Previous Monthly Low 0.973
Daily Fibonacci 38.2% 1.0606
Daily Fibonacci 61.8% 1.0626
Daily Pivot Point S1 1.0561
Daily Pivot Point S2 1.0524
Daily Pivot Point S3 1.0475
Daily Pivot Point R1 1.0647
Daily Pivot Point R2 1.0696
Daily Pivot Point R3 1.0733

 

 

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