EUR/USD Price Analysis: Pullback from monthly top remains elusive above 1.0710

EUR/USD snaps two-day uptrend near one-month high, renews intraday low.
Previous resistance from March limits immediate downside, 50-DMA guards further advances.
21-DMA, descending trend line from February adds to the trading filters.

Anil Panchal FXStreet

EUR/USD refreshes intraday low around 1.0720, consolidating weekly gains near the monthly peak. In doing so, the major currency pair prints weakness below the 50-DMA hurdle, as well as suggests further downside towards the 11-week-old resistance-turned-support line.

It’s worth noting, however, that a firmer RSI (14) and a clear upside break of the previous resistance line, around 1.0710, keep the pair buyers hopeful.

Even if the quote drops below 1.0710, the early month’s peak of 1.0641 and an upward sloping support line from May 13, close to 1.0570, will precede the 21-DMA level of 1.0547 to challenge the EUR/USD bears.

Alternatively, the 50-DMA level of 1.0765 challenges the short-term upside of the EUR/USD pair ahead of a downward sloping trend line from February, near 1.0840.

Should the quote rise past 1.0840, the late April swing high of 1.0936 and the 1.1000 psychological magnet will lure the EUR/USD bulls.

EUR/USD: Daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.0725
Today Daily Change	-0.0012
Today Daily Change %	-0.11%
Today daily open	1.0737

Trends
Daily SMA20	1.0539
Daily SMA50	1.077
Daily SMA100	1.1013
Daily SMA200	1.1274

Levels
Previous Daily High	1.0749
Previous Daily Low	1.0661
Previous Weekly High	1.0607
Previous Weekly Low	1.0389
Previous Monthly High	1.1076
Previous Monthly Low	1.0471
Daily Fibonacci 38.2%	1.0715
Daily Fibonacci 61.8%	1.0694
Daily Pivot Point S1	1.0682
Daily Pivot Point S2	1.0628
Daily Pivot Point S3	1.0595
Daily Pivot Point R1	1.077
Daily Pivot Point R2	1.0803
Daily Pivot Point R3	1.0858

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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