EUR/USD technical analysis: Under pressure, but risks skewed to the upside


  • The candlestick setup on EUR/USD's daily chart favors an extension of the recovery rally from recent lows near 1.0926.
  • The pair could challenge resistance at 1.1107 in the run-up to Thursday's ECB event.

EUR/USD is currently trading at 1.1043, down 25 pips from the high of 1.1068 reached on Monday.

The candlestick arrangement on the daily chart indicates the risks are skewed to the upside.

Notably, the pair created a bullish outside day candle on Monday, which occurs when the day begins with pessimism, but ends on an optimistic note, engulfing the price action seen in the preceding period.

More importantly. Monday's bullish outside day marks an upside break of the consolidation or indecision represented by Friday's inside day candle.

Put simply, the path of least resistance is to the high side and the pair could rise to 1.1107 (May 23 low) ahead of Thursday's European Central Bank rate decision.

The bullish case would weaken if the pair drops below 1.1015 (Monday's low).

Daily chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price 1.1043
Today Daily Change -0.0002
Today Daily Change % -0.02
Today daily open 1.1047
 
Trends
Daily SMA20 1.107
Daily SMA50 1.1148
Daily SMA100 1.1189
Daily SMA200 1.1268
Levels
Previous Daily High 1.1068
Previous Daily Low 1.1016
Previous Weekly High 1.1085
Previous Weekly Low 1.0926
Previous Monthly High 1.1251
Previous Monthly Low 1.0962
Daily Fibonacci 38.2% 1.1048
Daily Fibonacci 61.8% 1.1036
Daily Pivot Point S1 1.1019
Daily Pivot Point S2 1.0991
Daily Pivot Point S3 1.0967
Daily Pivot Point R1 1.1072
Daily Pivot Point R2 1.1096
Daily Pivot Point R3 1.1124

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD consolidating as markets digest the new US-Sino trade truce

EUR/UDS is trading around 1.1030, little changed. Markets are digesting the US-Sino handshake deal that prevents new US tariffs that were planned for Tuesday. Euro-zone industrial output is due out.

EUR/USD News

GBP/USD slips below 1.26 as Brexit talks drag

GBP/USD has kicked off the new week with a drop below 1.26 as Brexit optimism fades. Intense weekend talks have failed to result in an accord. Negotiations continue ahead of the EU Summit. 

GBP/USD News

USD/JPY consolidating bull rally into 108 handle on US/Sino trade deal optimism

USD/JPY starts out the week flat to Friday's close after markets rallied at the end of the week. Bullish geopolitical undertones in the form of a US/Sino 'phase 1' trade deal help lift USD/JPY onto the 108 handle.

USD/JPY News

Gold sellers cheer US-China trade optimism against all odds

With the US and China near to end the two-year-old trade tussle, Gold bears give little importance to doubts over soft Brexit and tension surrounding Syria while flashing $1,484.70 as a quote during Monday’s Asian session.

Gold News

Forex Today: Markets skeptical about US-Sino trade truce and sterling suffers a hangover as talks continue

Markets are cautious regarding the US-Sino partial trade deal. The world's largest economy agreed on a "hand-shake" agreement which is yet to be written. It includes a Chinese commitment to buy agrifoods.

Read more

Forex MAJORS

Cryptocurrencies

Signatures