EUR/USD Price Analysis: Off two-week highs, but pullback could be short-lived

EUR/USD's daily chart shows an upside break of a descending trendline.
Indicators look to have rolled over in favor of the bulls.

Omkar Godbole FXStreet Contributor

EUR/USD is trading in the red near 1.0940 at press time, having printed a two-week high of 1.0973 during Thursday's American trading hours.

The pullback, however, may be reversed, as the daily chart is reporting bearish conditions. To start with, Thursday's candle confirmed a convincing breakout above the trendline falling from March 27 and April 15 highs.

The 5- and 10-day averages are beginning to trend north, a sign the upward momentum is about to gather pace. Further, the 14-day relative strength index has crossed into bullish territory above 50 for the first time in four weeks.

The path of least resistance appears to be on the higher side. The immediate resistance is located at 1.10 (100-day MA) and 1.1034 (200-day MA). Meanwhile, on the lower side, Thursday's low of 1.0833 is the level to beat for the bears.

Daily chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.0939
Today Daily Change	-0.0015
Today Daily Change %	-0.14
Today daily open	1.0954

Trends
Daily SMA20	1.0867
Daily SMA50	1.0961
Daily SMA100	1.1008
Daily SMA200	1.1037

Levels
Previous Daily High	1.0973
Previous Daily Low	1.0835
Previous Weekly High	1.0897
Previous Weekly Low	1.0727
Previous Monthly High	1.1039
Previous Monthly Low	1.0727
Daily Fibonacci 38.2%	1.092
Daily Fibonacci 61.8%	1.0888
Daily Pivot Point S1	1.0868
Daily Pivot Point S2	1.0783
Daily Pivot Point S3	1.073
Daily Pivot Point R1	1.1006
Daily Pivot Point R2	1.1059
Daily Pivot Point R3	1.1144

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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