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.

Anil Panchal FXStreet

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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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