- 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.
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.
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
|Today last price||1.077|
|Today Daily Change||0.0002|
|Today Daily Change %||0.02%|
|Today daily open||1.0768|
|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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