EUR/USD Price Analysis: Further gains target the 55-day SMA

EUR/USD reverses the initial pullback and regains 1.0700 and above.
Immediately to the upside now comes the 55-day SMA at 1.0774.

Pablo Piovano FXStreet

EUR/USD regains part of the ground lost on Wednesday and manages to reclaim the area above the 1.0700 figure on Thursday.

Considering the pair’s current price action, the continuation of the rebound looks likely in the very near-term at least. That said, the next up barrier now appears at the 55-day SMA, today at 1.0774 prior to the 3-month resistance line near 1.0820.

The breakout of this area should mitigate the selling pressure and allow for a probable move to the weekly high at 1.0936 (April 21).

The daily RSI around 55 also indicates that extra upside could still be in store for the pair until it reaches the overbought territory (>70).

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0695
Today Daily Change	60
Today Daily Change %	0.07
Today daily open	1.0687

Trends
Daily SMA20	1.0545
Daily SMA50	1.0763
Daily SMA100	1.1007
Daily SMA200	1.1269

Levels
Previous Daily High	1.0739
Previous Daily Low	1.0642
Previous Weekly High	1.0607
Previous Weekly Low	1.0389
Previous Monthly High	1.1076
Previous Monthly Low	1.0471
Daily Fibonacci 38.2%	1.0679
Daily Fibonacci 61.8%	1.0702
Daily Pivot Point S1	1.064
Daily Pivot Point S2	1.0593
Daily Pivot Point S3	1.0543
Daily Pivot Point R1	1.0736
Daily Pivot Point R2	1.0786
Daily Pivot Point R3	1.0833

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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