EUR/USD Technical Analysis: Bulls still struggling for a follow-through beyond 55-day SMA

Haresh Menghani FXStreet

• The pair has been scaling higher along an ascending trend-line since the beginning of this week, albeit has struggled to build on its positive momentum further beyond 55-day SMA.

EUR/USD daily chart

• However, the fact that the pair is holding comfortably above important intraday moving averages - 50, 100 & 200-hour SMA, support prospects for an extension of the positive momentum.

1-hourly chart

• Moreover, bullish technical indicators on hourly/daily charts further add credence to the near-term constructive outlook amid the latest optimism over Italy's budget.

• Having said that, a convincing breakthrough the mentioned ascending trend-line support might turn the pair vulnerable to slide back towards the 1.1300 strong horizontal support.

EUR/USD

Overview:
    Today Last Price: 1.1405
    Today Daily change: 41 pips
    Today Daily change %: 0.361%
    Today Daily Open: 1.1364
Trends:
    Previous Daily SMA20: 1.1354
    Previous Daily SMA50: 1.1394
    Previous Daily SMA100: 1.1491
    Previous Daily SMA200: 1.1708
Levels:
    Previous Daily High: 1.1404
    Previous Daily Low: 1.1337
    Previous Weekly High: 1.1444
    Previous Weekly Low: 1.1269
    Previous Monthly High: 1.15
    Previous Monthly Low: 1.1216
    Previous Daily Fibonacci 38.2%: 1.1378
    Previous Daily Fibonacci 61.8%: 1.1362
    Previous Daily Pivot Point S1: 1.1332
    Previous Daily Pivot Point S2: 1.1301
    Previous Daily Pivot Point S3: 1.1265
    Previous Daily Pivot Point R1: 1.1399
    Previous Daily Pivot Point R2: 1.1435
    Previous Daily Pivot Point R3: 1.1466

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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