EUR/USD technical analysis: 21-day MA is the level to beat for the bulls

EUR/USD faced rejection at the 21-day MA for the third straight day on Monday.
A daily close above the 21-day MA is needed to revive the corrective rally.

Omkar Godbole FXStreet Contributor

EUR/USD's recovery has stalled at the 21-day moving average and a convincing break above that newfound resistance is needed to invite stronger buying pressure.

As of writing, the pair is trading at 1.0969, representing marginal losses on the day and the 21-day MA is located at 1.0992.

The pair picked up a bid at lows near 1.0879 on Oct.1 and the resulting corrective bounce ran out of steam close to the 21-day MA on Oct. 3. The pair remained bid on Oct. 4, but again faced bullish exhaustion near the key average.

Another attempt to scale the 21-day MA failed on Monday. As a result, the immediate bullish outlook stands neutralized and the pair may face strong selling pressure if the support at 1.0962 (Monday's low) is breached.

On the higher side, a daily close above the 21-day MA would imply a continuation of the recovery rally and open the doors for a test of resistance at 1.1110 (Sept. 13 high).

Daily chart

Trend: Bullish above 21-day MA

Technical levels

EUR/USD

Overview
Today last price	1.0969
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	1.0972

Trends
Daily SMA20	1.0995
Daily SMA50	1.1059
Daily SMA100	1.115
Daily SMA200	1.1229

Levels
Previous Daily High	1.1001
Previous Daily Low	1.0962
Previous Weekly High	1.1
Previous Weekly Low	1.0879
Previous Monthly High	1.111
Previous Monthly Low	1.0885
Daily Fibonacci 38.2%	1.0977
Daily Fibonacci 61.8%	1.0986
Daily Pivot Point S1	1.0956
Daily Pivot Point S2	1.0939
Daily Pivot Point S3	1.0917
Daily Pivot Point R1	1.0994
Daily Pivot Point R2	1.1017
Daily Pivot Point R3	1.1033

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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