EUR/USD Price Analysis: Weekly triangle, 50-SMA challenge bulls around 1.1000


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  • EUR/USD remains mildly bid inside short-term triangle as bulls attack the resistance line.
  • Steady RSI suggests further recovery but 50-SMA adds to the upside filters.
  • 61.8% Fibonacci retracement level, mid-March low can lure bears on breaking triangle to the south.

EUR/USD dribbles around 1.1010, up 0.10% intraday during Friday’s Asian session. In doing so, the major currency pair remains inside the weekly symmetrical triangle while keeping the previous day’s rebound.

Although steady RSI suggests the continuation of the EUR/USD recovery, the aforementioned triangle’s upper line and the 50-SMA, respectively around 1.1010 and 1.1020, challenge the pair’s short-term advances.

In a case where EUR/USD rises past 1.1020, the previous support line from March 07, close to 1.1075, will challenge the bulls before directing them to the monthly peak of 1.1137.

Alternatively, pullback moves remain elusive beyond the stated triangle’s support line, around 1.0965 by the press time.

Also acting as a downside filter is the 61.8% Fibonacci retracement of early-month advances, near 1.0930.

Should EUR/USD drop below 1.0930, the March 14 swing low near 1.0900 becomes the key hurdle for the bears targeting the monthly bottom of 1.0800.

EUR/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 1.1009
Today Daily Change 0.0012
Today Daily Change % 0.11%
Today daily open 1.0997
 
Trends
Daily SMA20 1.1029
Daily SMA50 1.121
Daily SMA100 1.1273
Daily SMA200 1.1512
 
Levels
Previous Daily High 1.1014
Previous Daily Low 1.0966
Previous Weekly High 1.1138
Previous Weekly Low 1.0901
Previous Monthly High 1.1495
Previous Monthly Low 1.1106
Daily Fibonacci 38.2% 1.0984
Daily Fibonacci 61.8% 1.0996
Daily Pivot Point S1 1.0971
Daily Pivot Point S2 1.0944
Daily Pivot Point S3 1.0923
Daily Pivot Point R1 1.1019
Daily Pivot Point R2 1.104
Daily Pivot Point R3 1.1067

 

 

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