EURUSD @ 1.01697 – Support/Resistance analysis: Price Analysis: 1.0100 remains in sight below 21 DMA, EU GDP, Fed minutes awaited
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE and login below to read further [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
- EUR/USD consolidates the previous rebound amid a cautiously optimistic mood.
- US dollar takes a breather ahead of Fed minutes, the euro awaits Eurozone GDP.
- The shared currency remains weighed down by recession fears and gas crises.
The pair currently trades last at 1.01697.
The previous day high was 1.0195 while the previous day low was 1.0123. The daily 38.2% Fib levels comes at 1.0167, expected to provide support. Similarly, the daily 61.8% fib level is at 1.015, expected to provide support.
EUR/USD is trading modestly flat above 1.0150, as the US dollar bulls take a breather following a sharp pullback from three-week highs.
Investors turn cautious and refrain from placing any big bets on the main currency pair ahead of the preliminary Eurozone Q2 GDP and the Fed July meeting minutes.
The Eurozone Q2 GDP may revive stagflation concerns amidst record-high inflation rate and the deepening energy crisis in the old continent. Meanwhile, the Fed minutes could offer insights on the size of the rate hike in the upcoming meetings. For September, markets are pricing roughly a 58% chance of a half percentage point Fed rate hike.
Looking at EUR/USD’s daily chart, sellers remain hopeful so long as the price holds below the horizontal 21-Daily Moving Average (DMA) at 1.0208.
Therefore, the 1.0100 support level remains in sight, despite Tuesday’s rebound from almost three-week lows of 1.0122.
The 14-day Relative Strength Index (RSI) has turned flattish but stays beneath the midline, suggesting that any uptick is likely to be sold into.
A sustained move above the 21 DMA will negate the near-term bearish momentum, opening doors for a fresh advance towards the bearish 50 DMA at 1.0295.
On a breach of 1.0100, selling pressure will intensify, as a retest of the parity will be inevitable. Although the 1.0050 psychological level could come to the rescue of EUR bulls.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0168 at the time of writing. Pair opened at 1.0171 and is trading with a change of 0.03 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0168 |
| 1 | Today Daily Change | 0.0003 |
| 2 | Today Daily Change % | 0.0300 |
| 3 | Today daily open | 1.0171 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.021, 50 SMA 1.0307, 100 SMA @ 1.0507 and 200 SMA @ 1.0882.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0210 |
| 1 | Daily SMA50 | 1.0307 |
| 2 | Daily SMA100 | 1.0507 |
| 3 | Daily SMA200 | 1.0882 |
The previous day high was 1.0195 while the previous day low was 1.0123. The daily 38.2% Fib levels comes at 1.0167, expected to provide support. Similarly, the daily 61.8% fib level is at 1.015, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0131, 1.0091, 1.0059
- Pivot resistance is noted at 1.0203, 1.0235, 1.0276
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0195 |
| Previous Daily Low | 1.0123 |
| Previous Weekly High | 1.0369 |
| Previous Weekly Low | 1.0159 |
| Previous Monthly High | 1.0486 |
| Previous Monthly Low | 0.9952 |
| Daily Fibonacci 38.2% | 1.0167 |
| Daily Fibonacci 61.8% | 1.0150 |
| Daily Pivot Point S1 | 1.0131 |
| Daily Pivot Point S2 | 1.0091 |
| Daily Pivot Point S3 | 1.0059 |
| Daily Pivot Point R1 | 1.0203 |
| Daily Pivot Point R2 | 1.0235 |
| Daily Pivot Point R3 | 1.0276 |
[/s2If]
