EUR/USD Price Analysis: Upside looks capped by the 55-day SMA

EUR/USD reverses the positive start of Tuesday’s session.
Further gains look initially limited by the 55-day SMA near 1.0615.

Pablo Piovano FXStreet

EUR/USD fades part of the recent 2-day advance and quickly retreats to the low-1.0500s on Tuesday.

In the very near term, occasional bullish attempts need to surpass the 55-day SMA near 1.0615, which also coincides with the weekly highs. If surpassed, then the next hurdle of note emerges at the 4-month line near 1.0660. The pair is expected to see its downside pressure alleviated on a close above the latter, with the next target at the June top at 1.0773 and the May peak at 1.0786.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1125.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0534
Today Daily Change	83
Today Daily Change %	-0.49
Today daily open	1.0586

Trends
Daily SMA20	1.0584
Daily SMA50	1.06
Daily SMA100	1.0839
Daily SMA200	1.1133

Levels
Previous Daily High	1.0615
Previous Daily Low	1.055
Previous Weekly High	1.0606
Previous Weekly Low	1.0469
Previous Monthly High	1.0787
Previous Monthly Low	1.035
Daily Fibonacci 38.2%	1.059
Daily Fibonacci 61.8%	1.0575
Daily Pivot Point S1	1.0552
Daily Pivot Point S2	1.0519
Daily Pivot Point S3	1.0488
Daily Pivot Point R1	1.0617
Daily Pivot Point R2	1.0648
Daily Pivot Point R3	1.0681

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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