EUR/USD Price Analysis: Further upside likely above 1.0420

EUR/USD trades in a firm note and approaches the 1.0400 zone.
Extra gains need to clear the 9-month resistance line near 1.0420.

Pablo Piovano FXStreet

Wednesday’s occasional bullish attempt motivates EUR/USD to trade at shouting distance from the key 1.0400 neighbourhood.

The pair should clear the 9-month resistance line around 1.0420 on a sustainable fashion to catch fresh air and therefore challenge the November high at 1.0496 (November 28) just ahead of the round level at 1.0500.

Above the 200-day Simple Moving Average (SMA) (1.0372), the pair’s outlook should remain constructive.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0379
Today Daily Change	73
Today Daily Change %	0.51
Today daily open	1.0326

Trends
Daily SMA20	1.0219
Daily SMA50	0.9977
Daily SMA100	1.0037
Daily SMA200	1.0379

Levels
Previous Daily High	1.0394
Previous Daily Low	1.032
Previous Weekly High	1.0449
Previous Weekly Low	1.0223
Previous Monthly High	1.0094
Previous Monthly Low	0.9632
Daily Fibonacci 38.2%	1.0349
Daily Fibonacci 61.8%	1.0366
Daily Pivot Point S1	1.0299
Daily Pivot Point S2	1.0272
Daily Pivot Point S3	1.0224
Daily Pivot Point R1	1.0373
Daily Pivot Point R2	1.0421
Daily Pivot Point R3	1.0448

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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