EUR/USD Price Analysis: Recovery remains elusive below 1.1390

EUR/USD seesaws after rising the most in two weeks.
Clear break of 1.1285-90 resistance confluence, now support, joins bullish MACD signals to favor buyers.
Six-week-old descending trend line, monthly horizontal area restrict immediate upside.

Anil Panchal FXStreet

EUR/USD grinds higher around the weekly top following the biggest daily jump in a fortnight, taking rounds to 1.1350-40 during the early Asian session on Thursday.

The major currency pair’s latest run-up could be linked to a successful break of the 100-SMA and a downward sloping trend line from early November, around 1.1285-90, amid bullish MACD.

However, multiple tops marked since November 15, as well as descending resistance line from October 28, challenge the pair bulls around 1.1385-90.

Should the quote rises past-1.1390, EUR/USD bulls will eye the 5% Fibonacci retracement of late October-November declines, around 1.1440, ahead of challenging the early November lows near 1.1515.

Alternatively, pullback moves remain less harmful until staying beyond the aforementioned resistance-turned-support area near 1.1290-85.

Following that, 1.1230 and the 1.1200 threshold may entertain EUR/USD traders before targeting the fresh low of the year, currently around 1.1185.

EUR/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.1342
Today Daily Change	0.0074
Today Daily Change %	0.66%
Today daily open	1.1268

Trends
Daily SMA20	1.1317
Daily SMA50	1.1484
Daily SMA100	1.1633
Daily SMA200	1.1809

Levels
Previous Daily High	1.1298
Previous Daily Low	1.1228
Previous Weekly High	1.1383
Previous Weekly Low	1.1235
Previous Monthly High	1.1616
Previous Monthly Low	1.1186
Daily Fibonacci 38.2%	1.1255
Daily Fibonacci 61.8%	1.1271
Daily Pivot Point S1	1.1231
Daily Pivot Point S2	1.1194
Daily Pivot Point S3	1.116
Daily Pivot Point R1	1.1302
Daily Pivot Point R2	1.1335
Daily Pivot Point R3	1.1372

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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