EUR/USD Price Analysis: Monthly triangle teases momentum traders near 1.0780 ahead of Fed


  • EUR/USD struggles for clear directions around five-week high inside short-term ascending triangle.
  • Sustained trading above 100-DMA, upbeat oscillators favor four-day uptrend but pre-Fed anxiety challenges traders.
  • Mid-February high adds strength to 1.0800 upside hurdle; Euro sellers can return on 1.0700 break.

EUR/USD treads water around 1.0770-80 as pre-Fed anxiety intensifies during early Wednesday. Adding strength to the cautious mood could be a speech from European Central Bank (ECB) President Christine Lagarde, as well as an ascending triangle formation established since March 01.

Also read: EUR/USD aptly portrays pre-Fed anxiety below 1.0800, ECB’s Lagarde eyed

It should be noted, however, that the Euro pair’s successful rebound from the 100-DMA joins the bullish MACD signals and upbeat RSI (14) line, not overbought, to keep the buyers hopeful.

That said, the area between 1.0800 and 1.0700 currently restricts the EUR/USD pair’s moves. Adding strength to the 1.0800 hurdle is the late January low and February 14 swing high. Hence, the EUR/USD pair buyers have a tough run to the north.

On the contrary, a downside break of the 1.0700 support can quickly drag the quote toward the 100-DMA support level surrounding 1.0595.

Though, the 61.8% Fibonacci retracement level of the EUR/USD pair’s run-up between late last November and early February, around 1.0530, can test the bears afterward.

Meanwhile, a successful break of the 1.0800 resistance confluence won’t hesitate to aim for January’s high of near 1.0930 before targeting the Year-To-Date (YTD) high marked in February around 1.1035.

EUR/USD: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price 1.077
Today Daily Change 0.0002
Today Daily Change % 0.02%
Today daily open 1.0768
 
Trends
Daily SMA20 1.0632
Daily SMA50 1.0729
Daily SMA100 1.0586
Daily SMA200 1.0329
 
Levels
Previous Daily High 1.0789
Previous Daily Low 1.0704
Previous Weekly High 1.076
Previous Weekly Low 1.0516
Previous Monthly High 1.1033
Previous Monthly Low 1.0533
Daily Fibonacci 38.2% 1.0756
Daily Fibonacci 61.8% 1.0736
Daily Pivot Point S1 1.0718
Daily Pivot Point S2 1.0669
Daily Pivot Point S3 1.0634
Daily Pivot Point R1 1.0803
Daily Pivot Point R2 1.0838
Daily Pivot Point R3 1.0887

 

 

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