EUR/USD Price Analysis: Struggles at 1.1020, regardless of a morning-star emerging


  • EUR/USD remains below the key 1.1000/1.1018 resistance area, hindered by the 20-day EMA and a one-month-old resistance trendline.
  • The currency pair is trading at 1.1007, showing a slight decrease of 0.01% ahead of the Wall Street closing bell.
  • Despite the emergence of a ‘morning-star’ three-candlestick chart pattern suggesting upward momentum, Monday’s doji formation signals hesitancy among buyers.
  • Key resistance lies at 1.1020, with potential for movement towards 1.1055 and 1.1095, while support can be found at 1.0947 and 1.0933.

The EUR/USD erases some of its earlier losses but remains capped by the 20-day Exponential Moving Average (EMA) intersection with a resistance trendline at around the 1.1000/1.1018 area. The EUR/USD exchanges hands at 1.1007, down 0.01% ahead of the Wall Street close.

EUR/USD Price Analysis: Technical outlook

From a daily chart perspective, the EUR/USD should be headed upward as a ‘morning-star’ three-candlestick chart pattern emerges. But Monday’s price action forming a doji indicates buyers are struggling to gather momentum, which could lose control to sellers if the EUR/USD falls below 1.1000.

From a short-term standpoint, the EUR/USD is tilted upward, but a one-month-old resistance trendline would be difficult to surpass as the pair edges higher. A breach of 1.1020 will put into play the R1 daily pivot at 1.1055, followed by the April 26 high at 1.1095 ahead of 1.1100.

On the other hand, if EUR/USD tumbles below 1.1000, the following support would be the S1 pivot point at 1.0947, followed by last Friday’s low of 1.0933. Failure to crack the latter could spark an upward correction, as the EUR/USD could fail to achieve a new lower low. A continuation could pave the way to challenge 1.0900.

EUR/USD Price Action - Hourly chart

EUR/USD Hourly chart

EUR/USD

Overview
Today last price 1.1006
Today Daily Change -0.0003
Today Daily Change % -0.03
Today daily open 1.1009
 
Trends
Daily SMA20 1.108
Daily SMA50 1.0937
Daily SMA100 1.092
Daily SMA200 1.0745
 
Levels
Previous Daily High 1.1042
Previous Daily Low 1.0935
Previous Weekly High 1.1046
Previous Weekly Low 1.0912
Previous Monthly High 1.1276
Previous Monthly Low 1.0834
Daily Fibonacci 38.2% 1.1001
Daily Fibonacci 61.8% 1.0976
Daily Pivot Point S1 1.0948
Daily Pivot Point S2 1.0888
Daily Pivot Point S3 1.0841
Daily Pivot Point R1 1.1055
Daily Pivot Point R2 1.1102
Daily Pivot Point R3 1.1162

 

 

Share: Feed news

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.

Recommended content


Recommended content

Editors’ Picks

EUR/USD extends slide below 1.0700 on stronger USD, EU political angst

EUR/USD extends slide below 1.0700 on stronger USD, EU political angst

EUR/USD stays under bearish pressure and trades at its lowest level since early May below 1.0700. Unabated US Dollar demand amid risk aversion and looming EU political uncertainty exert downside pressure on the pair heading into the weekend.

EUR/USD News

GBP/USD slumps to multi-week lows below 1.2700

GBP/USD slumps to multi-week lows below 1.2700

GBP/USD extends its decline on Friday and trades at its lowest level in nearly a month below 1.2700. In the absence of high-tier data releases, the US Dollar continues to benefit from souring market mood, forcing the pair to stretch lower in the second half of the day.

GBP/USD News

Gold clings to recovery gains at around $2,330

Gold clings to recovery gains at around $2,330

Following Thursday's pullback, Gold holds its ground on Friday and trades in positive territory near $2,330. The benchmark 10-year US Treasury bond yield edges lower toward 4.2%, helping XAU/USD push higher ahead of the weekend.

Gold News

Monero price poised for a downward correction

Monero price poised for a downward correction

Monero price has encountered resistance at a critical level. The technical outlook suggests a potential short-term correction as momentum indicators signal a bearish divergence.

Read more

Week ahead – RBA, SNB and BoE next to decide, CPI and PMI data also on tap

Week ahead – RBA, SNB and BoE next to decide, CPI and PMI data also on tap

It will be another central-bank-heavy week with the RBA, SNB and BoE. Retail sales will be the highlight in the United States. Plenty of other data also on the way, including flash PMIs and UK CPI.

Read more

Forex MAJORS

Cryptocurrencies

Signatures