EUR/USD Price Analysis: Keeps bounce off 100-day SMA on Fed day


  • EUR/USD bulls catch a breather following a clear recovery from the key SMA.
  • Overbought RSI may trigger pullback from multi-day-old resistance line.
  • Monthly support line adds to the downside filters.

EUR/USD wobbles in a choppy range around 1.2090, firmer after the previous day’s recovery moves, amid the Asian session on Wednesday.

While cautious sentiment ahead of the US Federal Reserve’s (Fed) interest rate decision test the bulls, nearly overbought RSI conditions also contribute to the odds suggesting the pair’s U-turn from a downward sloping trend line from January 06.

It should, however, be noted that an ascending support line from March 31, near 1.2065 will test the short-term EUR/USD declines ahead of the key 100-day SMA level near 1.2055.

Alternatively, an upside clearance of the stated resistance line close to 1.2115 should successfully cross the monthly top of 1.2116 before directing the run-up towards the 1.2200 thresholds.

Overall, EUR/USD remains on the upward trajectory but it all depends upon today’s Fed decision.

Read:

EUR/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 1.2089
Today Daily Change -1 pip
Today Daily Change % -0.01%
Today daily open 1.209
 
Trends
Daily SMA20 1.1923
Daily SMA50 1.1955
Daily SMA100 1.2056
Daily SMA200 1.1933
 
Levels
Previous Daily High 1.2093
Previous Daily Low 1.2057
Previous Weekly High 1.21
Previous Weekly Low 1.1943
Previous Monthly High 1.2113
Previous Monthly Low 1.1704
Daily Fibonacci 38.2% 1.2082
Daily Fibonacci 61.8% 1.2096
Daily Pivot Point S1 1.2059
Daily Pivot Point S2 1.2032
Daily Pivot Point S3 1.2003
Daily Pivot Point R1 1.2115
Daily Pivot Point R2 1.2144
Daily Pivot Point R3 1.217

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD recoups 1.1800 mark amid USD weakness

EUR/USD prints minor gains on Tuesday’s morning Asian session. The pair opened higher and moved in a narrow trade band with 15 pips movement. The Euro continues to trade in a range bound manner for the past two weeks.

EUR/USD News

GBP/USD edges higher past 1.3800 as covid optimism battles Brexit woes

GBP/USD seesaws around 1.3820, following the heaviest daily run-up in a week, amid Tuesday’s Asian session. The cable pair benefited from the latest reduction in the coronavirus numbers at home, as well as the broad softening of the US dollar, the previous day.

GBP/USD News

EUR/USD recoups 1.1800 mark amid USD weakness

EUR/USD prints minor gains on Tuesday’s morning Asian session. The pair opened higher and moved in a narrow trade band with 15 pips movement. The Euro continues to trade in a range bound manner for the past two weeks.

EUR/USD News

SafeMoon price nears lift-off, as SAFEMOON possesses the conditions for a big move

Safemoon price has been coiling within a descending triangle pattern since the May crash, highlighted by no sustainable rallies and continuous support along the May 19 low of $0.00000261. The downward trajectory has kept SAFEMOON investors on the defensive.

Read more

FX: 10 things to watch this week

Taking a look at the economic calendar, it is set to be a busy week for the forex market. There’s a central bank rate decision, GDP, inflation and employment reports scheduled for release. A number of big tech companies have ...

Read more

Forex MAJORS

Cryptocurrencies

Signatures