EUR/USD Price Analysis: Likely to bounce off 61.8% Fibonacci


  • EUR/USD struggles around the key Fibonacci retracement amid bullish MACD.
  • Prices have registered multiple failures to slip beneath 61.8% Fibonacci since December 20.
  • The monthly falling trend line can cap the recovery.

EUR/USD reverses the early-Asian pullback while declining to 1.1090 during Thursday. While considering the latest pullback, it seems to be clear that the pair respects 61.8% Fibonacci retracement of November 29 to December 31, 2018, upside as the strong support. Also favoring the odds of a U-turn are bullish signals from MACD.

With this, 50% and 38.2% Fibonacci retracement level of 1.1110 and 1.1140 gain the market’s attention.

However, a downward sloping trend line since December 31, at 1.1147, will restrict the pair’s recovery afterward, if not then 1.1200 will lure the bulls.

Meanwhile, a clear downside past-61.8% Fibonacci retracement level of 1.1079 can recall 1.1025 and 1.1000 on the charts.

During the pair’s extended south-run below 1.1000, 1.0980 and the yearly bottom of 2019 near 1.0880 will be in focus.

EUR/USD four hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.1089
Today Daily Change -4 pips
Today Daily Change % -0.04%
Today daily open 1.1093
 
Trends
Daily SMA20 1.1143
Daily SMA50 1.1103
Daily SMA100 1.1072
Daily SMA200 1.1134
 
Levels
Previous Daily High 1.1099
Previous Daily Low 1.107
Previous Weekly High 1.1173
Previous Weekly Low 1.1086
Previous Monthly High 1.124
Previous Monthly Low 1.1002
Daily Fibonacci 38.2% 1.1088
Daily Fibonacci 61.8% 1.1081
Daily Pivot Point S1 1.1076
Daily Pivot Point S2 1.1058
Daily Pivot Point S3 1.1047
Daily Pivot Point R1 1.1105
Daily Pivot Point R2 1.1116
Daily Pivot Point R3 1.1134

 

 

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