EUR/USD Technical Analysis: Bulls take a breather near descending trend-line hurdle ahead of Euro-zone GDP

Haresh Menghani FXStreet

• The pair continued gaining positive traction for the fifth straight session on Thursday and is now looking to build on the momentum further beyond the key 1.1500 psychological mark.

• The fact that the pair has found acceptance above 100-day SMA support prospects for further up-move, though slightly overbought conditions on the 4-hourly chart seemed to cap gains.

• The ongoing bullish trajectory over the past one week or so paused near a resistance marked by a descending trend-line, extending from Sept. 2018 swing high through tops set earlier this month.

• Meanwhile, technical indicators on the daily chart have just started gaining traction and add credence to the constructive set-up ahead of the flash Euro-zone Q3 GDP growth figures.

EUR/USD daily chart

EUR/USD

Overview:
    Today Last Price: 1.1504
    Today Daily change %: 0.20%
    Today Daily Open: 1.1481
Trends:
    Daily SMA20: 1.1422
    Daily SMA50: 1.1393
    Daily SMA100: 1.1446
    Daily SMA200: 1.1568
Levels:
    Previous Daily High: 1.1502
    Previous Daily Low: 1.1406
    Previous Weekly High: 1.1418
    Previous Weekly Low: 1.1289
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Daily Fibonacci 38.2%: 1.1466
    Daily Fibonacci 61.8%: 1.1443
    Daily Pivot Point S1: 1.1424
    Daily Pivot Point S2: 1.1367
    Daily Pivot Point S3: 1.1327
    Daily Pivot Point R1: 1.152
    Daily Pivot Point R2: 1.156
    Daily Pivot Point R3: 1.1617

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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