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.

EUR/USD remains depressed below mid-1.1800s; downside potential seems limited

The EUR/USD pair attracts some sellers for the second consecutive day on Tuesday and hovers below mid-1.1800s amid a relatively quiet trading action during the Asian session. The broader fundamental backdrop, however, warrants some caution for bearish traders before positioning for deeper losses.

GBP/USD trades with negative bias, eyes 1.3600 ahead of UK jobs data

The GBP/USD pair trades with a negative bias for the second straight day, though it lacks bearish conviction and holds above the 1.3600 mark through the Asian session on Tuesday. Traders now look forward to the release of the UK monthly jobs report, which will influence the British Pound and provide some impetus to the currency pair.

Gold declines as trading volumes remain subdued due to holidays in China

Gold price extends its losses for the second successive session, trading around $4,930 per troy ounce during the Asian hours on Tuesday. Gold price is trading nearly 0.7% lower at the time of writing as trading volumes stayed thin due to market holidays across China, Hong Kong, and other parts of Asia.

Top Crypto Gainers: Stable, MemeCore and Nexo rally test critical resistance levels

Stable, MemeCore, and Nexo are among the leading gainers in the crypto market over the last 24 hours, while Bitcoin remains below $70,000, suggesting renewed interest in altcoins among investors.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.