EUR/USD Price Analysis: When will the rocketing euro meet some resistance

EUR/USD is trading 1% higher yet again as more greenback bearishness kicks in.
At the moment there is a trendline that is providing some resistance in the pair.

Rajan Dhall, MSTA FX Daily

EUR/USD Daily Chart

As traders and investors price in the prospect of Fed rate cuts, EUR/USD has pushed higher at an amazing rate.

1.08 seems like a small distant memory now as the pair heads towards 1.12.

Now the price has moved so far it leads us to wonder where the next resistance may kick in.

Above where the price is now the pair found some resistance at 1.1235, so this could be a tricky level again.

The psychological 1.12 level needs to be taken out first. It is hard to tell if the market has priced in all the USD bearishness.

Over the next couple of sessions, the price could move away from this overbought territory for a small pullback.

Additional Levels

EUR/USD

Overview
Today last price	1.1164
Today Daily Change	0.0126
Today Daily Change %	1.14
Today daily open	1.1038

Trends
Daily SMA20	1.0907
Daily SMA50	1.1031
Daily SMA100	1.1056
Daily SMA200	1.11

Levels
Previous Daily High	1.1053
Previous Daily Low	1.0951
Previous Weekly High	1.1053
Previous Weekly Low	1.0805
Previous Monthly High	1.1089
Previous Monthly Low	1.0778
Daily Fibonacci 38.2%	1.1014
Daily Fibonacci 61.8%	1.099
Daily Pivot Point S1	1.0975
Daily Pivot Point S2	1.0912
Daily Pivot Point S3	1.0873
Daily Pivot Point R1	1.1077
Daily Pivot Point R2	1.1116
Daily Pivot Point R3	1.1179

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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