EUR/USD Technical Analysis: Trims a part of early strong gains to 4-month tops


  • EUR/USD stalls its strong intraday rally near 1.1200 round-figure mark.
  • Acceptance above 200-DMA support prospects for additional gains.

The EUR/USD pair maintained its strong bid tone through the early European session on Friday, albeit has retreated around 20-25 pips from the 1.1200 handle, or four-month tops.

Extremely overbought conditions on hourly charts seemed to be the only factor that kept a lid on any strong follow-through, rather prompted some profit-taking at higher levels.

Given that the pair has already found acceptance above the very important 200-day SMA, the set-up seems tilted in favour of bullish traders and support prospects for additional gains.

This coupled with the fact that the pair's recent recovery has been along an ascending trend-channel formation on the daily chart adds credence to the near-term constructive set-up.

Some follow-through buying beyond the 1.1200 mark will reaffirm the bullish outlook and lift the pair further towards challenging the ascending channel resistance, near the 1.1255-60 region.

On the flip side, immediate support is pegged near mid-1.1100s (200-DMA), which if broken might prompt some long-unwinding trade and accelerate the slide back towards the 1.1100 handle.

EUR/USD daily chart

fxsoriginal

EUR/USD

Overview
Today last price 1.1177
Today Daily Change 0.0045
Today Daily Change % 0.40
Today daily open 1.1132
 
Trends
Daily SMA20 1.1063
Daily SMA50 1.1066
Daily SMA100 1.1066
Daily SMA200 1.1155
 
Levels
Previous Daily High 1.1154
Previous Daily Low 1.1103
Previous Weekly High 1.1116
Previous Weekly Low 1.1002
Previous Monthly High 1.1176
Previous Monthly Low 1.0981
Daily Fibonacci 38.2% 1.1123
Daily Fibonacci 61.8% 1.1135
Daily Pivot Point S1 1.1105
Daily Pivot Point S2 1.1078
Daily Pivot Point S3 1.1054
Daily Pivot Point R1 1.1157
Daily Pivot Point R2 1.1181
Daily Pivot Point R3 1.1208

 

 

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