EUR/USD Price Analysis: Further upside appears elusive whilst below 1.1930


  • EUR/USD rebound pauses around the key Fibonacci retracement.
  • Receding bearish bias of MACD, improving risk sentiment favor bulls.
  • Sellers await clear break of three-month-old support for fresh entries.

EUR/USD fades recovery from early April around 1.1920 during the initial Asian session on Tuesday. In doing to bouncing off a two-month low, the currency major pair snapped a three-day losing streak, also posted the heaviest gains since late May, the previous day.

The rebound battles 61.8% Fibonacci retracement of the March-May upside amid a receding bearish bias of the MACD signals.

Hence, the quote may extend the latest run-up but the bulls await a clear break of 1.1930 before targeting the mid-April lows near 1.1940-45.

It should, however, be noted that 50% Fibonacci retracement, March’s top and 200-day SMA, together offer a tough nut to crack for the EUR/USD bulls around 1.1990–2000.

Meanwhile, pullback moves may initially aim for the 1.1900 threshold before eyeing the 1.1875 and the horizontal line around 1.1845.

Though, a clear downside past 1.1845 may not hesitate to challenge the 1.1800 and 1.1760 supports ahead of directing EUR/USD bears to the yearly low near the 1.1700 round figure.

EUR/USD daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 1.1918
Today Daily Change 54 pips
Today Daily Change % 0.46%
Today daily open 1.1864
 
Trends
Daily SMA20 1.2142
Daily SMA50 1.2097
Daily SMA100 1.2036
Daily SMA200 1.1995
 
Levels
Previous Daily High 1.1925
Previous Daily Low 1.1847
Previous Weekly High 1.2147
Previous Weekly Low 1.1847
Previous Monthly High 1.2266
Previous Monthly Low 1.1986
Daily Fibonacci 38.2% 1.1877
Daily Fibonacci 61.8% 1.1895
Daily Pivot Point S1 1.1832
Daily Pivot Point S2 1.1801
Daily Pivot Point S3 1.1755
Daily Pivot Point R1 1.191
Daily Pivot Point R2 1.1957
Daily Pivot Point R3 1.1988

 

 

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