EUR/USD Price Analysis: Hovers near 1.2150, Thursday's candle suggests scope for minor pullback


  • EUR/USD's daily chart shows signs of uptrend fatigue. 
  • A pullback to short-term SMA support could be seen. 

EUR/USD is trading near 1.2150 in Asia, representing a more than 1.5% gain for the week. 

While the pair ticked higher for the third straight day on Thursday, it created a candle with a long upper wick – a sign of uptrend fatigue – validating the above-70 or overbought signal on the 14-day Relative Strength Index. 

As such, a pullback to the ascending 5- day Simple Moving Average (SMA), currently located at 1.2078, could be in the offing. A violation there would expose the 10-day SMA at 1.991. A close below 1.20 would weaken the immediate bullish case. 

On the higher side, resistance is seen at 1.2175 (Thursday's high) and 1.22 (psychological level). 

Daily chart

Trend: Pullback likely

Technical levels

EUR/USD

Overview
Today last price 1.215
Today Daily Change 0.0004
Today Daily Change % 0.03
Today daily open 1.2146
 
Trends
Daily SMA20 1.19
Daily SMA50 1.181
Daily SMA100 1.1796
Daily SMA200 1.1428
 
Levels
Previous Daily High 1.2175
Previous Daily Low 1.2101
Previous Weekly High 1.1963
Previous Weekly Low 1.18
Previous Monthly High 1.2003
Previous Monthly Low 1.1603
Daily Fibonacci 38.2% 1.2147
Daily Fibonacci 61.8% 1.2129
Daily Pivot Point S1 1.2106
Daily Pivot Point S2 1.2067
Daily Pivot Point S3 1.2033
Daily Pivot Point R1 1.218
Daily Pivot Point R2 1.2214
Daily Pivot Point R3 1.2253

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

GBP/USD retreats from new highs amid dollar strength

GBP/USD has fallen off the peak of 1.3719, the highest since 2018, amid fresh dollar strength. Optimism about the UK's vaccine campaign and lower cases boosted sterling earlier. The greenback awaiting Biden's first moves as President. 

GBP/USD News

EUR/USD falls toward 1.21 ahead of Biden´s inauguration

EUR/USD has been descending toward 1.21. President-elect Biden is inaugurated later in the day and hopes of stimulus are high after Treasury Secretary nominee Yellen's testimony. 

EUR/USD News

Gold: Bulls recapture 200-DMA ahead of Biden's inauguration

Gold prices are attempting to correct higher above 200-DMA. The metal cheers rising US inflation expectations amid hopes of a massive stimulus package under the incoming Biden administration. 

Gold news

Bank of Canada Rate Decision Preview: No change anticipated in interest rate

The Bank of Canada is widely expected to keep monetary policy and quantitative easing unchanged at its meeting on Wednesday in spite of new COVID-19 provincial lockdowns and a slowing economy.

Read more

US Dollar Index: Upside target remains at 91.00

DXY met buyers in the 90.30 region earlier on Wednesday and now resumes the upside to the 90.50/55 band.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures