EUR/USD Technical Analysis: Resting above 50-day MA support


  • A widely-followed MA is offering support to EUR/USD. 
  • The bearish setup remains valid with the double top pattern calling a move below 1.10.

EUR/USD is currently holding above the 50-day average support at 1.1039 with the daily chart reporting a bearish bias. 

Notably, the double top breakdown confirmed on Wednesday indicates the common currency could roll over to deeper support levels below 1.10.

The 14-day relative strength index is also reporting bearish conditions with a below-50 print. 

The lower highs setup on the hourly chart also indicates the path of least resistance is to the downside. A break above 1.1092 is needed to invalidate the lower highs pattern. 

EUR/USD is trading at 1.1050 at press time. 

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price 1.105
Today Daily Change -0.0019
Today Daily Change % -0.17
Today daily open 1.1069
 
Trends
Daily SMA20 1.1101
Daily SMA50 1.104
Daily SMA100 1.1121
Daily SMA200 1.1193
 
Levels
Previous Daily High 1.1094
Previous Daily Low 1.1064
Previous Weekly High 1.1176
Previous Weekly Low 1.1074
Previous Monthly High 1.118
Previous Monthly Low 1.0879
Daily Fibonacci 38.2% 1.1076
Daily Fibonacci 61.8% 1.1082
Daily Pivot Point S1 1.1058
Daily Pivot Point S2 1.1047
Daily Pivot Point S3 1.1029
Daily Pivot Point R1 1.1087
Daily Pivot Point R2 1.1105
Daily Pivot Point R3 1.1116

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD flirting with key support amid risk-aversion

EUR/USD remains under pressure near the 200-hour SMA support The risk-off tone in the Asian stocks keeps the US dollar better bid.  The shared currency remains at the mercy of the broader market sentiment. Eurozone EcoFin Meeting's updates may move the single currency.

EUR/USD News

GBP/USD under pressure below 1.2600 amid risk-off mood

GBP/USD looks to extend the downside consolidative below 1.2600 in early Europe and remains vulnerable amid broad risk-aversion. Coronavirus fears offset UK fiscal stimulus optimism. UK turns down EU coronavirus vaccine scheme.

GBP/USD News

Gold: Well-defined battle lines point to range play around $1800

Gold nurses losses around the $1800 following Thursday’s good two-way businesses. The risk-off theme amid coronavirus concerns continues to bode well for the US dollar. 

Gold News

WTI extends Thursday’s drop as virus cases rise

Oil extends overnight sell-off as virus concerns dominate the market sentiment. The resurgence of virus cases in the US has fueled lockdown fears. The US on Thursday registered 65,551 new cases, a record for a 24-hour period.

Oil News

Stocks fall, risk currencies follow, CAD Employment next

The USD finally came under some selling pressure on Thu after the US set another record high of more than 59,000 coronavirus cases on Wed. The numbers moderated a bit today but medical facilities across the nation are getting slammed.

Read more

Forex MAJORS

Cryptocurrencies

Signatures