EUR/USD Technical Analysis: Seesaws around 61.8% Fibo. amid bullish MACD

EUR/USD stays below 200-bar SMA.
A downside break could recall October 08 low.
38.2% Fibonacci retracement adds to the resistance.

Anil Panchal FXStreet

Despite staying below 200-bar Simple Moving Average (SMA), EUR/USD bounces off 61.8% Fibonacci retracement of its October month upside while taking rounds to 1.1006 during early Thursday.

Favoring the price pullback is a bullish signal from 12-bar Moving Average Convergence and Divergence (MACD).

However, bulls are likely to wait for an upside break of 200-bar SMA, at 1.1058 now, followed by 38.2% Fibonacci retracement and late-October lows surrounding 1.1065/75, to target 1.1100 mark.

In a case where prices keep trading southwards and break 1.0994 level of 61.8% Fibonacci retracement, October 08 low near 1.0940 and the previous month bottom around 1.0880 will be the bears’ favorites.

EUR/USD 4-hour chart

Trend: Bearish

additional important levels

Overview
Today last price	1.1006
Today Daily Change	-2 pips
Today Daily Change %	-0.02%
Today daily open	1.1008

Trends
Daily SMA20	1.1098
Daily SMA50	1.1042
Daily SMA100	1.1104
Daily SMA200	1.1183

Levels
Previous Daily High	1.1022
Previous Daily Low	1.0995
Previous Weekly High	1.1176
Previous Weekly Low	1.1016
Previous Monthly High	1.118
Previous Monthly Low	1.0879
Daily Fibonacci 38.2%	1.1005
Daily Fibonacci 61.8%	1.1011
Daily Pivot Point S1	1.0995
Daily Pivot Point S2	1.0982
Daily Pivot Point S3	1.0969
Daily Pivot Point R1	1.1021
Daily Pivot Point R2	1.1035
Daily Pivot Point R3	1.1048

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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