EUR/USD Price Analysis: Pulls back from three-week-old support line to cross 1.0800

EUR/USD keeps recoveries from a short-term ascending trend line.
61.8% of Fibonacci retracement acts as immediate resistance.
Fresh downside below the support line can refresh monthly low.

Anil Panchal FXStreet

EUR/USD bounces off a short-term support trend line while trading around 1.0805 during Friday’s Asian session.

That said, the pair currently aims to confront 61.8% Fibonacci retracement of April 24 to May 01 upside, near 1.0840.

However, 200-bar SMA and 50% Fibonacci retracement, respectively around 1.0865 and 1.0875, could keep the buyers in check.

Meanwhile, a downside break below the ascending trend line from April 24, close to 1.0785 now, can refresh the monthly low of 1.0767 whereas April month bottom around 1.0725/30 can challenge the bears afterward.

EUR/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.0805
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.0805

Trends
Daily SMA20	1.0848
Daily SMA50	1.0927
Daily SMA100	1.0982
Daily SMA200	1.1022

Levels
Previous Daily High	1.0824
Previous Daily Low	1.0775
Previous Weekly High	1.0981
Previous Weekly Low	1.0767
Previous Monthly High	1.1039
Previous Monthly Low	1.0727
Daily Fibonacci 38.2%	1.0794
Daily Fibonacci 61.8%	1.0805
Daily Pivot Point S1	1.0778
Daily Pivot Point S2	1.0752
Daily Pivot Point S3	1.0729
Daily Pivot Point R1	1.0828
Daily Pivot Point R2	1.085
Daily Pivot Point R3	1.0877

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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