EUR/USD technical analysis: Euro rolling into the Asian session flirting with the September highs

EUR/USD spikes to September highs as the ECB is cutting rates and announcing QE in November.
Friday will be key as the market will decide if Thursday’s spike is an over-reaction or the start of a recovery.

Flavio Tosti Independent Analyst

EUR/USD daily chart

On the daily time-frame, the common currency is trading in a bear trend below the main daily simple moving averages (DSMAs). Earlier on Thursday, the European Central Bank’s (ECB) has cut interest rates by 0.1% and announced an open-ended Quantitive Easing (QE).

EUR/USD four-hour chart

The Fiber had a massive spike up to the 1.1075 resistance regaining the 50 and 100 SMAs. This Friday, it will be interesting to see if the bulls can push EUR/USD above the current September high near the 1.1075 resistance. The next resistances on the way up are seen at the 1.1103 and 1.1143 level, according to the Technical Confluences Indicator.

EUR/USD 30-minute chart

The 1.1075 is a significant resistance. If the market fails to build on the recent spike, the market can start to pullback down towards 1.1048, 1.1023 and 1.0988 support levels.

Additional key levels

EUR/USD

Overview
Today last price	1.1066
Today Daily Change	0.0052
Today Daily Change %	0.47
Today daily open	1.1014

Trends
Daily SMA20	1.1058
Daily SMA50	1.1138
Daily SMA100	1.1186
Daily SMA200	1.1265

Levels
Previous Daily High	1.1056
Previous Daily Low	1.0985
Previous Weekly High	1.1085
Previous Weekly Low	1.0926
Previous Monthly High	1.1251
Previous Monthly Low	1.0962
Daily Fibonacci 38.2%	1.1012
Daily Fibonacci 61.8%	1.1029
Daily Pivot Point S1	1.0981
Daily Pivot Point S2	1.0948
Daily Pivot Point S3	1.091
Daily Pivot Point R1	1.1051
Daily Pivot Point R2	1.1089
Daily Pivot Point R3	1.1122

Author

Flavio Tosti

Independent Analyst

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