EUR/USD Price Analysis: Keeps bounce off 100-HMA towards monthly resistance


  • EUR/USD holds onto last week’s recovery moves from multi-day low.
  • MACD teases bulls, sustained trading beyond the key HMA signal further upside.
  • One-week-old horizontal line adds to the downside supports.

EUR/USD stays on the recovery mode, picks up bids to 1.1865, amid the initial Asian session on Tuesday. The major currency pair stepped back from a one-week high the previous day before bouncing off 100-HMA. In doing so, the corrective pullback extends the last week’s recovery moves from the lowest since early April.

Given the MACD line teasing a crossover of the signal indicator, coupled with the pair’s successful U-turn from the key HMA, EUR/USD is up for challenging a downward sloping trend line resistance line from June 30, near 1.1880.

However, the quote’s further upside will depend upon how well the bulls can cross the 1.1900 threshold, a clear break of which could again direct the pair buyers toward the 1.16985-90 horizontal hurdle, comprising early March tops and May’s lows.

Alternatively, a downside break of 100-HMA, around 1.1835, may find multiple supports around 1.1825 before testing a short-term horizontal line close to the 1.1800 round figure.

It should, however, be noted that the quote’s weakness past 1.1800 will be tested by the monthly low near 1.1780 prior to directing EUR/USD bears to the yearly low surrounding 1.1700.

EUR/USD: Hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 1.1864
Today Daily Change -0.0010
Today Daily Change % -0.08%
Today daily open 1.1874
 
Trends
Daily SMA20 1.1913
Daily SMA50 1.2056
Daily SMA100 1.2006
Daily SMA200 1.2005
 
Levels
Previous Daily High 1.1881
Previous Daily Low 1.1825
Previous Weekly High 1.1895
Previous Weekly Low 1.1782
Previous Monthly High 1.2254
Previous Monthly Low 1.1845
Daily Fibonacci 38.2% 1.186
Daily Fibonacci 61.8% 1.1846
Daily Pivot Point S1 1.1839
Daily Pivot Point S2 1.1804
Daily Pivot Point S3 1.1783
Daily Pivot Point R1 1.1895
Daily Pivot Point R2 1.1916
Daily Pivot Point R3 1.1951

 

 

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