EUR/USD Price Analysis: Market has turned indecisive

EUR/USD's daily chart is showing signs of indecision in the market place.
Tuesday's low of 1.0816 is the level to defend for the EUR bulls.

Omkar Godbole FXStreet Contributor

The EUR/USD market is lacking a clear directional bias as suggested by consecutive Doji candles created on Monday and Tuesday.

A Doji candle occurs when an asset sees two-way business during a specific period but ends that period on a flat note. It is widely considered a sign of indecision in the market place, although its effects depend on the context. A Doji after prolonged rally represents buyer exhaustion, while a Doji appearing after a notable sell-off is considered a sign of seller fatigue.

In EUR/USD's case, the consecutive Doji candles have appeared following last Thursday's downside break of the trendline rising from March 3 and April 6 low and indicate indecision among sellers.

As a result, the immediate bearish outlook stands neutralized. A break below the low of Tuesday's Doji candle would revive the bearish view and open the doors to a re-test of the 2020 low of 1.0636.

On the higher side, the high of Monday's Doji candle is the level to beat for the bulls.

Daily chart

Trend: Neutral

Technical levels

EUR/USD

Overview
Today last price	1.0854
Today Daily Change	-0.0004
Today Daily Change %	-0.04
Today daily open	1.0858

Trends
Daily SMA20	1.092
Daily SMA50	1.0959
Daily SMA100	1.1026
Daily SMA200	1.1049

Levels
Previous Daily High	1.088
Previous Daily Low	1.0817
Previous Weekly High	1.0991
Previous Weekly Low	1.0812
Previous Monthly High	1.1497
Previous Monthly Low	1.0636
Daily Fibonacci 38.2%	1.0841
Daily Fibonacci 61.8%	1.0856
Daily Pivot Point S1	1.0823
Daily Pivot Point S2	1.0788
Daily Pivot Point S3	1.0759
Daily Pivot Point R1	1.0887
Daily Pivot Point R2	1.0915
Daily Pivot Point R3	1.095

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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