• EUR/USD rebounds swiftly from 16-month lows, battles 1.1300.
  • Oversold RSI conditions could offer temporary reprieve to EUR bulls.     
  • All eyes on Eurozone inflation for the next big move in the pair.

EUR/USD is struggling to extend the recovery from a new 16-month lows of 1.1264, currently battling 1.1300, as the US dollar clings onto the recent upside.

However, retreating US Treasury yields offer some relief to the EUR bulls while oversold conditions on the daily technical chart also come to the rescue of the bullish traders.

The main currency pair extended its losing streak into a sixth straight session on Wednesday, having witnessed a sharp 40-pips sell-off on a breach of the 1.1300 psychological level.

The 14-day Relative Strength Index (RSI) is pointing south while within the oversold territory, justifying the quick rebound in EUR/USD over the last hours.

However, if the bears defy the oversold conditions, then the daily low could be put to test once again, below which the 1.1250 barrier will be on the sellers’ radars.

EUR/USD: Daily chart

On the flip side, any recovery will need acceptance above the daily highs of 1.1327 to sustain.

Further up, the 1.1350 psychological barrier will challenge the bullish commitments.

EUR/USD: Additional levels to consider

EUR/USD

Overview
Today last price 1.1299
Today Daily Change -0.0014
Today Daily Change % -0.12
Today daily open 1.1313
 
Trends
Daily SMA20 1.1556
Daily SMA50 1.1625
Daily SMA100 1.1715
Daily SMA200 1.1871
 
Levels
Previous Daily High 1.1386
Previous Daily Low 1.1312
Previous Weekly High 1.1609
Previous Weekly Low 1.1433
Previous Monthly High 1.1692
Previous Monthly Low 1.1524
Daily Fibonacci 38.2% 1.134
Daily Fibonacci 61.8% 1.1358
Daily Pivot Point S1 1.1288
Daily Pivot Point S2 1.1263
Daily Pivot Point S3 1.1214
Daily Pivot Point R1 1.1362
Daily Pivot Point R2 1.1411
Daily Pivot Point R3 1.1436

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD bulls seek a break of 0.6925 for 0.6950 target area

AUD/USD bulls seek a break of 0.6925 for 0.6950 target area

AUD/USD is consolidated at the start of the Asian day following some back and forth at the start of the week. The Aussie is trading at 0.6922 and will be dependent on the trajectory of the greenback in the absence of domestic data this week other than Retail Sales tomorrow. 

AUD/USD News

EUR/USD retreats from fortnight high near 1.0600 on recession/inflation fears

EUR/USD retreats from fortnight high near 1.0600 on recession/inflation fears

EUR/USD holds onto the pullback from a two-week high as bulls get rejections from short-term key resistances, as well as risk-off mood, during Tuesday’s Asian session. The major currency pair remains pressured around 1.0585.

EUR/USD News

Gold sees downside below $1,820, focus shifts to Fed Powell

Gold sees downside below $1,820, focus shifts to Fed Powell

Gold price displayed a failed attempt to sustain above the critical resistance of $1,840.00 on Monday. The precious metal has turned sideways after a sheer downside move and is expected to extend its losses after violating the crucial support of $1,820.85.

Gold News

Terra’s LUNA price finally shows the buy signal you’ve been waiting for

Terra’s LUNA price finally shows the buy signal you’ve been waiting for

Terra’s LUNA price shows optimism to start the final week of June. The potential for a new bull run is beginning to materialize. LUNA price sees an uptick in social media commentary.
 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures