EUR/USD Price Analysis: Thursday’s bearish spinning top below 1.2000 probes buyers

EUR/USD picks up bids after the first negative daily closing of the week.
Strong RSI, successful break of 50-day SMA keeps buyers hopeful.
Horizontal line from February 05 adds to the downside support, bulls will have a bumpy road beyond 1.2000.

Anil Panchal FXStreet

EUR/USD licks its wounds around 1.1970, up 0.03% intraday, during Friday’s Asian session.

The currency major pair rose to the highest since March 12 before taking a U-turn from 1.1993 to snap the three-day winning streak on Thursday. In doing so, the quote portrays a bearish spinning top candlestick on the daily chart that suggests the traders’ indecision.

It’s worth mentioning that the pair’s latest pullback amplifies the strength of a horizontal area comprising multiple levels marked since March 02, which in turn probes EUR/USD bulls.

However, a daily closing above 50-day SMA and a 2.5-month-old support line, respectively around 1.1960 and 1.1950, keeps the pair sellers away.

Meanwhile, EUR/USD buyers need to provide a daily closing beyond the 1.2000 threshold to challenge the February 17 low of 1.2023 as well as March’s high around 1.2115.

Overall, the EUR/USD upside is likely to have hit the wall of resistance and the bearish candlestick formation adds to the buyers’ worries.

EUR/USD daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price	1.197
Today Daily Change	-10 pips
Today Daily Change %	-0.08%
Today daily open	1.198

Trends
Daily SMA20	1.1847
Daily SMA50	1.1964
Daily SMA100	1.2057
Daily SMA200	1.1906

Levels
Previous Daily High	1.1987
Previous Daily Low	1.1948
Previous Weekly High	1.1927
Previous Weekly Low	1.1738
Previous Monthly High	1.2113
Previous Monthly Low	1.1704
Daily Fibonacci 38.2%	1.1972
Daily Fibonacci 61.8%	1.1963
Daily Pivot Point S1	1.1956
Daily Pivot Point S2	1.1932
Daily Pivot Point S3	1.1917
Daily Pivot Point R1	1.1996
Daily Pivot Point R2	1.2011
Daily Pivot Point R3	1.2035

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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