• The pair kept pushing higher through the mid-European session and tested an important confluence hurdle near the 1.1580-85 region, comprising of 50-day SMA and 38.2% Fibonacci retracement level of the 1.1815-1.1432 recent downfall.
• The fact that the pair is holding comfortably above important intraday moving averages - 50, 100 & 200-hour SMA, bullish technical indicators on hourly charts point to an extension of the positive momentum.
• However, indicators on the daily chart are yet to catch up with the positive momentum and hence, it would be prudent to wait for a convincing break through the 1.1580-85 confluence resistance before positioning for any further near-term up-move.
• Today's release of the latest US consumer inflation figures might influence Fed rate hike expectations and eventually play an important role in determining the pair's next leg of directional move.
EUR/USD daily chart
-636748560082825454.png)
EUR/USD
Overview:
Last Price: 1.1576
Daily change: 55 pips
Daily change: 0.477%
Daily Open: 1.1521
Trends:
Daily SMA20: 1.1625
Daily SMA50: 1.1585
Daily SMA100: 1.163
Daily SMA200: 1.1925
Levels:
Daily High: 1.1546
Daily Low: 1.148
Weekly High: 1.1625
Weekly Low: 1.1464
Monthly High: 1.1816
Monthly Low: 1.1464
Daily Fibonacci 38.2%: 1.1521
Daily Fibonacci 61.8%: 1.1505
Daily Pivot Point S1: 1.1485
Daily Pivot Point S2: 1.1449
Daily Pivot Point S3: 1.1419
Daily Pivot Point R1: 1.1552
Daily Pivot Point R2: 1.1582
Daily Pivot Point R3: 1.1618
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