EUR/USD Price Analysis: Weekly chart suggests pullback from 3-month tops on the ECB day

EUR/USD retreats from 1.1258 to 1.1222 as traders gear up for today’s ECB.
100-week and 200-week SMAs guard the pair’s immediate upside past-61.8% Fibonacci retracement level.
The early-May top could offer immediate support during the further downside.

Anil Panchal FXStreet

EUR/USD steps further away from the multi-day high of 1.1258, flashed the previous day, to 1.1222, down 0.11% on a day, during early Thursday.

In doing so, the quote portrays its failure to cross 100-week SMA on the day of the European Central Bank’s (ECB) monetary policy decision and press conference by Governor Christine Lagarde.

Read: ECB Preview: Lagarde's lavishness to set the tone for EUR/USD, three scenarios and what to watch

While bullish MACD and normal RSI conditions on the weekly chart suggest the pair’s further upside, a 200-day SMA level of 1.1335 could challenge the pair’s past-1.1225 immediate resistance.

Should the prices rise past-1.1335 on a weekly closing basis, March month high near 1.1500 will lure the bulls.

On the contrary, sellers will wait for entries below 61.8% Fibonacci retracement of the pair’s broad run-up from December 2016 to February 2018, around 1.1190.

In doing so, the early-May peak close to 1.0810 is likely to be the bears’ favorite.

EUR/USD weekly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.122
Today Daily Change	-13 pips
Today Daily Change %	-0.12%
Today daily open	1.1233

Trends
Daily SMA20	1.0952
Daily SMA50	1.092
Daily SMA100	1.096
Daily SMA200	1.1014

Levels
Previous Daily High	1.1258
Previous Daily Low	1.1167
Previous Weekly High	1.1145
Previous Weekly Low	1.0871
Previous Monthly High	1.1145
Previous Monthly Low	1.0767
Daily Fibonacci 38.2%	1.1223
Daily Fibonacci 61.8%	1.1202
Daily Pivot Point S1	1.1181
Daily Pivot Point S2	1.1128
Daily Pivot Point S3	1.109
Daily Pivot Point R1	1.1272
Daily Pivot Point R2	1.131
Daily Pivot Point R3	1.1363

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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