The EURUSD currency pair, trading at 1.12322, continues to strengthen and is currently at its highest level in 16 months. It is attracting buying interest, and there are expectations that it will reach a new high soon. However, the view from @nehcap is that there is only a limited potential for further gains.
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- EUR/USD remains firmer at the highest levels in 16 months, picks up bids to renew multi-month peak of late.
The pair currently trades last at 1.12322.
The previous day high was 1.1228 while the previous day low was 1.1128. The daily 38.2% Fib levels comes at 1.1089, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1057, expected to provide support.
EUR/USD picks up bids to refresh a 16-month high near 1.1235 during early Friday, rising for the seventh consecutive day to brace for the biggest weekly gain since November 2022. In doing so, the Euro pair fails to justify hawkish comments from Federal Reserve Governor Christopher Waller, as well as the cautious mood ahead of the mid-tier data from the US and Eurozone.
Also read: EUR/USD prods 16-month high past 1.1200 on broad US Dollar weakness, EU/US data eyed
Apart from the Fed concerns and slightly offbeat sentiment, the overbought RSI conditions also challenge the EUR/USD bulls as they approach the key 1.1280 hurdle comprising the 61.8% Fibonacci retracement of the pair’s January 2021 to September 2022 downturn.
It’s worth noting, however, that a clear upside break of 1.1280 enables the EUR/USD buyers to aim for the previous yearly high of near 1.1500.
Following that, the October 2021 low and the 78.6% Fibonacci retracement level, respectively near 1.1530 and 1.1760, will be in the spotlight.
On the contrary, a convergence of the 200-week SMA and previous resistance line stretched from May 2023, close to 1.1180 at the latest, put a floor under the EUR/USD price amid bullish MACD signals.
In a case where the EUR/USD remains bearish past 1.1180, tops marked in April and February, close to 1.1095 and 1.1030, will act as the final defense of the bulls.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.1232 at the time of writing. Pair opened at 1.1226 and is trading with a change of 0.05% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.1232 |
| 1 | Today Daily Change | 0.0006 |
| 2 | Today Daily Change % | 0.05% |
| 3 | Today daily open | 1.1226 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0938, 50 SMA 1.0861, 100 SMA @ 1.0841 and 200 SMA @ 1.0638.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0938 |
| 1 | Daily SMA50 | 1.0861 |
| 2 | Daily SMA100 | 1.0841 |
| 3 | Daily SMA200 | 1.0638 |
The previous day high was 1.1228 while the previous day low was 1.1128. The daily 38.2% Fib levels comes at 1.1089, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1057, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.1044, 1.0956, 1.0908
- Pivot resistance is noted at 1.1179, 1.1228, 1.1315
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.1228 |
| Previous Daily Low | 1.1128 |
| Previous Weekly High | 1.0973 |
| Previous Weekly Low | 1.0834 |
| Previous Monthly High | 1.1012 |
| Previous Monthly Low | 1.0662 |
| Daily Fibonacci 38.2% | 1.1089 |
| Daily Fibonacci 61.8% | 1.1057 |
| Daily Pivot Point S1 | 1.1044 |
| Daily Pivot Point S2 | 1.0956 |
| Daily Pivot Point S3 | 1.0908 |
| Daily Pivot Point R1 | 1.1179 |
| Daily Pivot Point R2 | 1.1228 |
| Daily Pivot Point R3 | 1.1315 |
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