EUR/USD Technical Analysis: Buyers struggle to hold onto recovery from 50-day SMA

EUR/USD fails to extend the bounces off short-term key SMA.
200-day SMA, two-week-old falling resistance line keep upside limited.
50% Fibonacci retracement can please sellers during fresh declines.

Anil Panchal FXStreet

Having bounced off 50-day SMA on Friday, EUR/USD pulls back to 1.1117 during the Asian session on Monday. With this, sellers concentrate on the bearish MACD to aim for a downside break below the mentioned SMA level of 1.1090 for a fresh rule.

In doing so, 50% Fibonacci retracement of pair’s run-up from the early-October to late-December 2019, around 1.1060 will be their following target.

Should there be additional south-run past-1.1060, 1.1030, 61.8% Fibonacci retracement mark of 1.1017 and November month low of 1.0980 will return to the charts.

On the flip side, 200-day SMA level of 1.1140, 23.6% Fibonacci retracement around 1.1155 and a descending trend line since December 31, at 1.1170 now, will question pair’s near-term upside.

Given the pair’s sustained rise past-1.1170, 1.1200 and 1.1240 will gain the Bull’s attention.

EUR/USD daily chart

Trend: Pull expected

Additional important levels

Overview
Today last price	1.1118
Today Daily Change	-3 pips
Today Daily Change %	-0.03%
Today daily open	1.1121

Trends
Daily SMA20	1.1141
Daily SMA50	1.1092
Daily SMA100	1.1066
Daily SMA200	1.114

Levels
Previous Daily High	1.1131
Previous Daily Low	1.1085
Previous Weekly High	1.1208
Previous Weekly Low	1.1085
Previous Monthly High	1.124
Previous Monthly Low	1.1002
Daily Fibonacci 38.2%	1.1113
Daily Fibonacci 61.8%	1.1102
Daily Pivot Point S1	1.1094
Daily Pivot Point S2	1.1067
Daily Pivot Point S3	1.1048
Daily Pivot Point R1	1.1139
Daily Pivot Point R2	1.1158
Daily Pivot Point R3	1.1185

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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