EUR/USD technical analysis: 1.1085 is the level to beat for the bulls


  • EUR/USD's weekly chart shows indecision or seller exhaustion.
  • A weekly close above 1.1085 would validate last week's spinning bottom and confirm a bullish reversal.

Sign of seller exhaustion have emerged on EUR/USD's weekly chart, however, a break above the last week's high of 1.1085 is needed to confirm a bullish reversal.

The common currency created a spinning bottom candle last week, which comprises of a small body and long upper and lower shadows. That candlestick is widely considered a sign of indecision.

However, in EUR's case, the spinning bottom has appeared at multi-year lows and could be considered a sign of seller exhaustion and an impending bullish reversal. That said, the trend reversal would be confirmed if the pair manages to end the current week (Friday's close) above 1.1085.

That could happen if the European Central Bank's (ECB) stimulus measures fall short of market expectations. The central bank is expected to cut rates on Thursday and announce a fresh bond-buying program.

Weekly chart

Trend: Neutral

Technical levels

EUR/USD

Overview
Today last price 1.1024
Today Daily Change -0.0005
Today Daily Change % -0.05
Today daily open 1.1029
 
Trends
Daily SMA20 1.1078
Daily SMA50 1.1153
Daily SMA100 1.1191
Daily SMA200 1.1269
Levels
Previous Daily High 1.1057
Previous Daily Low 1.102
Previous Weekly High 1.1085
Previous Weekly Low 1.0926
Previous Monthly High 1.1251
Previous Monthly Low 1.0962
Daily Fibonacci 38.2% 1.1034
Daily Fibonacci 61.8% 1.1043
Daily Pivot Point S1 1.1014
Daily Pivot Point S2 1.0999
Daily Pivot Point S3 1.0977
Daily Pivot Point R1 1.1051
Daily Pivot Point R2 1.1073
Daily Pivot Point R3 1.1088

 

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

USD/JPY trades below two-week top set on Thursday; looks to BoJ for fresh impetus

USD/JPY trades below two-week top set on Thursday; looks to BoJ for fresh impetus

USD/JPY trades with a positive bias below the 143.00 mark as traders await the BoJ policy update before placing fresh directional bets. In the meantime, data published this Friday showed that Japan's Core CPI rose to a 10-month high in August and reaffirmed bets that the BoJ will hike interest rates again in 2024. 

USD/JPY News
AUD/USD strengthens above 0.6800 on RBA-Fed policy divergence, eyes on PBoC rate decision

AUD/USD strengthens above 0.6800 on RBA-Fed policy divergence, eyes on PBoC rate decision

The AUD/USD pair trades on a stronger note near 0.6810 during the early Asian session on Friday. The uptick of the pair is bolstered by the softer US Dollar amid the prospects of further rate cuts by the US Federal Reserve this year. Later on Friday, the Fed’s Patrick Harker is set to speak.

AUD/USD News
Gold price holds steady near record peak amid bets for more Fed rate cuts

Gold price holds steady near record peak amid bets for more Fed rate cuts

Gold price hovers near the all-time peak touched earlier this week amid a bearish USD and rising bets for more upcoming rate cuts by the Fed. Moreover, concerns about an economic downturn in the US and China further underpin the safe-haven XAU/USD.

Gold News
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD (RUSD) stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures