EUR/USD technical analysis: Inverted hammer on daily chart highlights 50-day SMA, 38.2% Fibo.

EUR/USD bounces off 23.6% Fibonacci retracement after Thursday’s bullish candlestick formation.
Buyers aim for 1.1110/13 resistance-confluence with 1.1000 be on sellers radar.

Anil Panchal FXStreet

Having been supported by a bullish candlestick formation, EUR/USD takes the bids to 1.1050 during early Friday.

The pair formed an ‘inverted hammer” candle while following the daily chart, which in turn favors the upside towards 1.1110/13 resistance-confluence including 50-day simple moving average (SMA) and 38.2% Fibonacci retracement of June-September decline.

However, pair’s further upside can be challenged by August 26 high of 1.1165, 50% Fibonacci retracement level of 1.1170 and 100-day SMA level near 1.1180.

Alternatively, pair’s declines below 23.6% Fibonacci retracement level of 1.1040 can push the sellers to re-target 1.1000 round-figure with 1.0960 and 1.0930/25 likely being following support levels to watch,

EUR/USD daily chart

Trend: recovery expected

additional important levels

Overview
Today last price	1.1053
Today Daily Change	8 pips
Today Daily Change %	0.07%
Today daily open	1.1045

Trends
Daily SMA20	1.1045
Daily SMA50	1.1115
Daily SMA100	1.1178
Daily SMA200	1.1255

Levels
Previous Daily High	1.1074
Previous Daily Low	1.1023
Previous Weekly High	1.111
Previous Weekly Low	1.0927
Previous Monthly High	1.1251
Previous Monthly Low	1.0962
Daily Fibonacci 38.2%	1.1054
Daily Fibonacci 61.8%	1.1042
Daily Pivot Point S1	1.1021
Daily Pivot Point S2	1.0997
Daily Pivot Point S3	1.097
Daily Pivot Point R1	1.1071
Daily Pivot Point R2	1.1098
Daily Pivot Point R3	1.1122

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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