EUR/USD technical analysis: Doji on D1, 1.1040/45 resistance question latest recovery

EUR/USD on the recovery mode from 38.2% Fibonacci retracement.
50-day SMA, seven-week-old falling trendline limits immediate upside.
Doji on the daily (D1) chart doubts the latest pullback.

Anil Panchal FXStreet

The EUR/USD pair’s latest recovery seems to be challenged soon considering Monday’s Doji candlestick formation on D1 and nearness to the key resistance-confluence. The quote currently takes the bids to 1.1030 by the press time of Tuesday morning in Asia.

Among the resistances, 50-day Simple Moving Average (SMA) and a downward sloping trend-line since late-August, around 1.1040/45, becomes the key for buyers as a break of which can escalate the recovery to 50% Fibonacci retracement of August-October downpour, at 1.1065 now.

During the pair’s further rise beyond 1.1065, 61.8% Fibonacci retracement near 1.1110 and August 23 high surrounding 1.1155 will lure buyers.

On the downside break below 38.2% Fibonacci retracement near 1.1020, the pair can revisit eight-day-old horizontal support around 1.1000 mark.

However, pair’s declines below 1.1000 may struggle to conquer a 21-day SMA level of 1.0985 and last week’s low nearing 1.0940.

EUR/USD daily chart

Trend: pullback expected

additional important levels

Overview
Today last price	1.103
Today Daily Change	4 pips
Today Daily Change %	0.04%
Today daily open	1.1026

Trends
Daily SMA20	1.0986
Daily SMA50	1.1046
Daily SMA100	1.1141
Daily SMA200	1.1219

Levels
Previous Daily High	1.1043
Previous Daily Low	1.1013
Previous Weekly High	1.1063
Previous Weekly Low	1.0941
Previous Monthly High	1.111
Previous Monthly Low	1.0885
Daily Fibonacci 38.2%	1.1024
Daily Fibonacci 61.8%	1.1031
Daily Pivot Point S1	1.1011
Daily Pivot Point S2	1.0997
Daily Pivot Point S3	1.0981
Daily Pivot Point R1	1.1042
Daily Pivot Point R2	1.1057
Daily Pivot Point R3	1.1072

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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