EUR/USD technical analysis: Lack of momentum between 21/50-day SMA

EUR/USD registers another failure to cross 50-day SMA.
The two-week-old rising trend line, 21-day SMA limits immediate declines.
RSI seesaws inside the normal territory.

Anil Panchal FXStreet

With its another failure to rise past-50-day Simple Moving Average (SMA), EUR/USD declines to 1.1030 during early Wednesday.

The quote now aims to revisit an upward sloping support line since the month’s start, at 1.1010. Though, the pair’s further downside could be limited by 21-day SMA level of 1.0985.

In a case where bears refrain from respecting short-term moving average, 1.0930/25 and monthly bottom surrounding 1.0880 could flash on their radars.

Alternatively, the pair’s successful run-up beyond 50-day SMA level of 1.1040 can escalate the recovery towards 38.2% Fibonacci retracement of June-September downside, at 1.1080.

However, 1.1140/45 region encompassing 100-day SMA and 50% Fibonacci retracement could keep buyers troubled during the quote’s rise above 1.1080.

It should also be noted that 14-bar Relative Strength Index (RSI) stays inside normal territory between 70 and 30 levels, which in turn signals continuation of the present trading pattern.

EUR/USD daily chart

Trend: pullback expected

Additional important levels

Overview
Today last price	1.1029
Today Daily Change	-5 pips
Today Daily Change %	-0.05%
Today daily open	1.1034

Trends
Daily SMA20	1.0984
Daily SMA50	1.1043
Daily SMA100	1.114
Daily SMA200	1.1217

Levels
Previous Daily High	1.1046
Previous Daily Low	1.0991
Previous Weekly High	1.1063
Previous Weekly Low	1.0941
Previous Monthly High	1.111
Previous Monthly Low	1.0885
Daily Fibonacci 38.2%	1.1025
Daily Fibonacci 61.8%	1.1012
Daily Pivot Point S1	1.1002
Daily Pivot Point S2	1.0969
Daily Pivot Point S3	1.0947
Daily Pivot Point R1	1.1057
Daily Pivot Point R2	1.1079
Daily Pivot Point R3	1.1111

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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