The EUR/USD pair, currently trading at 1.09077, is having a hard time maintaining its first daily increase in three days and is losing ground after initially bouncing back from a one-week low. According to the perspective of @nehcap, a pullback is anticipated.
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- EUR/USD struggles to defend the first daily gains in three, fades bounce off one-week low.
The pair currently trades last at 1.09077.
The previous day high was 1.096 while the previous day low was 1.0844. The daily 38.2% Fib levels comes at 1.0888, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0916, expected to provide resistance.
EUR/USD bulls appear running out of steam around the 1.0900 round figure as they fail to extend the bounce off a one-week low beyond the 200-Hour Moving Average (HMA) heading into Monday’s European session. In doing so, the Euro pair justifies the trader’s cautious mood ahead of a speech from the European Central Bank (ECB) President Christine Lagarde at the ECB Forum, the key platform where multiple central bankers are up for speaking during the week.
Also read: EUR/USD pares recent losses around 1.0900 with eyes on EU/US inflation, ECB Forum
It’s worth noting that the cautious sentiment and the 200-HMA, around 1.0915 at the latest, aren’t the only challenges for the EUR/USD bulls as a convergence of the 50-HMA and the previous support line from June 06, close to .0930 at the latest, also prod the Euro pair buyers.
Additionally, a horizontal area comprising multiple tops marked since June 16, close to 1.0945-50, acts as the last defense of the EUR/USD bears.
On the contrary, the mid-June swing high around 1.0860 precedes the 50% Fibonacci retracement level of June 06-22 upside, near 1.0840, to limit the short-term downside of the EUR/USD pair.
It’s worth noting that the early June swing high of around 1.0785-90 appears the final battle place for the Euro buyers.
Trend: Pullback expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0906 at the time of writing. Pair opened at 1.0894 and is trading with a change of 0.11 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0906 |
| 1 | Today Daily Change | 0.0012 |
| 2 | Today Daily Change % | 0.1100 |
| 3 | Today daily open | 1.0894 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0809, 50 SMA 1.0876, 100 SMA @ 1.0809 and 200 SMA @ 1.0565.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0809 |
| 1 | Daily SMA50 | 1.0876 |
| 2 | Daily SMA100 | 1.0809 |
| 3 | Daily SMA200 | 1.0565 |
The previous day high was 1.096 while the previous day low was 1.0844. The daily 38.2% Fib levels comes at 1.0888, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0916, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.0839, 1.0784, 1.0724
- Pivot resistance is noted at 1.0954, 1.1014, 1.1069
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0960 |
| Previous Daily Low | 1.0844 |
| Previous Weekly High | 1.1012 |
| Previous Weekly Low | 1.0844 |
| Previous Monthly High | 1.1092 |
| Previous Monthly Low | 1.0635 |
| Daily Fibonacci 38.2% | 1.0888 |
| Daily Fibonacci 61.8% | 1.0916 |
| Daily Pivot Point S1 | 1.0839 |
| Daily Pivot Point S2 | 1.0784 |
| Daily Pivot Point S3 | 1.0724 |
| Daily Pivot Point R1 | 1.0954 |
| Daily Pivot Point R2 | 1.1014 |
| Daily Pivot Point R3 | 1.1069 |
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