The EURUSD currency pair has reached a low point in the trading day after encountering resistance at a significant level. However, it is expected that the downward movement will be limited.
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- EUR/USD takes offers to refresh intraday low while reversing from short-term key resistance confluence.
The pair currently trades last at 1.09094.
The previous day high was 1.0932 while the previous day low was 1.0835. The daily 38.2% Fib levels comes at 1.0895, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0872, expected to provide support.
EUR/USD takes offers to consolidate the major currency pair’s U-turn from the lowest levels in two weeks, mildly offered near 1.0900 during Monday’s mid-Asian session. In doing so, the Euro pair retreats from a convergence of the 50-SMA and a two-week-old descending resistance line.
That said, the bullish MACD signals and the steady RSI (14) line contrast with the EUR/USD pair’s latest retreat to suggest the quote’s intraday fall toward an ascending support line from May 31, close to 1.0860.
However, the latest bottom of around 1.0835 and the 200-SMA level of near 1.0815 will restrict the EUR/USD pair’s further downside.
Alternatively, an upside break of the 1.0920 resistance confluence, comprising the 50-SMA and the immediate descending trend line, won’t hesitate to challenge the monthly high of around 1.1015.
Overall, the EUR/USD pair buyers are likely to keep the reins unless breaking the 1.0815 support levels even if the short-term downside is expected.
On a different page, the final readings of Germany and Eurozone HCOB PMIs for June and the US ISM Manufacturing PMI for the said month will entertain intraday traders.
Also read: EUR/USD grinds higher past 1.0900 ahead of Fed Minutes, NFP
Trend: Limited downside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0905 at the time of writing. Pair opened at 1.091 and is trading with a change of -0.05% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0905 |
| 1 | Today Daily Change | -0.0005 |
| 2 | Today Daily Change % | -0.05% |
| 3 | Today daily open | 1.091 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0857, 50 SMA 1.0871, 100 SMA @ 1.0819 and 200 SMA @ 1.0591.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0857 |
| 1 | Daily SMA50 | 1.0871 |
| 2 | Daily SMA100 | 1.0819 |
| 3 | Daily SMA200 | 1.0591 |
The previous day high was 1.0932 while the previous day low was 1.0835. The daily 38.2% Fib levels comes at 1.0895, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0872, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0853, 1.0796, 1.0756
- Pivot resistance is noted at 1.095, 1.0989, 1.1046
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0932 |
| Previous Daily Low | 1.0835 |
| Previous Weekly High | 1.0977 |
| Previous Weekly Low | 1.0835 |
| Previous Monthly High | 1.1012 |
| Previous Monthly Low | 1.0662 |
| Daily Fibonacci 38.2% | 1.0895 |
| Daily Fibonacci 61.8% | 1.0872 |
| Daily Pivot Point S1 | 1.0853 |
| Daily Pivot Point S2 | 1.0796 |
| Daily Pivot Point S3 | 1.0756 |
| Daily Pivot Point R1 | 1.0950 |
| Daily Pivot Point R2 | 1.0989 |
| Daily Pivot Point R3 | 1.1046 |
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