EUR/USD technical analysis: Euro rises near 1.1257 resistance on dovish Fed message

EUR/USD rises to new weekly highs almost reaching 1.1257 resistance.
If 1.1257 resistance is broken the next main bull target can be seen at 1.1344.

Flavio Tosti Independent Analyst

The US Dollar is weakening across the board as the Fed is hinting at cutting rates.

EUR/USD daily chart

EUR/USD is trading in a bear trend below its 100 and 200 simple moving average (DSMA). The market trades above the 1.1200 figure its 50 SMA still trapped in the range of the last 3 days.

EUR/USD 4-hour chart

The market broke above 1.1240 and almost reached 1.1257 (Monthly Pivot Point R1).

EUR/USD 30-minute chart

EUR/USD is trading above its main SMAs suggesting bullish momentum in the medium term. The level to beat for bulls become 1.1257 to get to 1.1268 which seems the last bastion of resistance before 1.1344 (previous week high and monthly Pivot Point Resistance 2), according to the Technical Confluence Indicator. Support levels are seen at 1.1220 and 1.1190.

Additional key levels

EUR/USD

Overview
Today last price	1.1246
Today Daily Change	0.0052
Today Daily Change %	0.46
Today daily open	1.1194

Trends
Daily SMA20	1.1224
Daily SMA50	1.1218
Daily SMA100	1.1267
Daily SMA200	1.1357

Levels
Previous Daily High	1.1244
Previous Daily Low	1.1181
Previous Weekly High	1.1344
Previous Weekly Low	1.1202
Previous Monthly High	1.1266
Previous Monthly Low	1.1107
Daily Fibonacci 38.2%	1.1205
Daily Fibonacci 61.8%	1.122
Daily Pivot Point S1	1.1168
Daily Pivot Point S2	1.1143
Daily Pivot Point S3	1.1105
Daily Pivot Point R1	1.1232
Daily Pivot Point R2	1.127
Daily Pivot Point R3	1.1295

Author

Flavio Tosti

Independent Analyst

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