The EURUSD pair, currently at 1.08903, continues to stay inactive after recovering from a low point in the past three weeks. According to the perspective of @nehcap, it is anticipated that there will be minimal decrease in value.
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- EUR/USD remains sidelined after bouncing off three-week low.
The pair currently trades last at 1.08903.
The previous day high was 1.0901 while the previous day low was 1.0834. The daily 38.2% Fib levels comes at 1.0875, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0859, expected to provide support.
EUR/USD treads water around 1.0890 as it portrays the market’s cautious mood ahead of the US employment report from June and a speech from European Central Bank (ECB) President Christine Lagarde. In doing so, the Euro pair struggles to defend the previous day’s U-turn from the short-term key support line amid a sluggish Friday morning in Europe.
Also read: EUR/USD: Euro bulls struggle near 1.0900 as US NFP, ECB President Lagarde’s speech loom
Even if the Euro pair remains sidelined, a successful rebound from the five-week-old rising support line and bullish MACD signals, as well as a firmer RSI (14) line, keeps the buyers hopeful.
However, the 50-SMA level surrounding 1.0900 restricts the immediate upside of the EUR/USD pair. Following that, a downward-sloping resistance line from late June, close to 1.0910 at the latest, appears the last defense of the EUR/USD bears.
In a case where the Euro buyers manage to keep the reins past 1.0910, the odds of witnessing a fresh yearly high, currently around 1.1015, can’t be ruled out.
Meanwhile, a convergence of the two-week-old descending support line joins the 200-SMA to highlight 1.0825-30 as the key level to break for the EUR/USD bears to retake control.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0891 at the time of writing. Pair opened at 1.0888 and is trading with a change of 0.03% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0891 |
| 1 | Today Daily Change | 0.0003 |
| 2 | Today Daily Change % | 0.03% |
| 3 | Today daily open | 1.0888 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0889, 50 SMA 1.086, 100 SMA @ 1.0826 and 200 SMA @ 1.0615.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0889 |
| 1 | Daily SMA50 | 1.0860 |
| 2 | Daily SMA100 | 1.0826 |
| 3 | Daily SMA200 | 1.0615 |
The previous day high was 1.0901 while the previous day low was 1.0834. The daily 38.2% Fib levels comes at 1.0875, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0859, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0847, 1.0807, 1.078
- Pivot resistance is noted at 1.0914, 1.0941, 1.0981
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0901 |
| Previous Daily Low | 1.0834 |
| Previous Weekly High | 1.0977 |
| Previous Weekly Low | 1.0835 |
| Previous Monthly High | 1.1012 |
| Previous Monthly Low | 1.0662 |
| Daily Fibonacci 38.2% | 1.0875 |
| Daily Fibonacci 61.8% | 1.0859 |
| Daily Pivot Point S1 | 1.0847 |
| Daily Pivot Point S2 | 1.0807 |
| Daily Pivot Point S3 | 1.0780 |
| Daily Pivot Point R1 | 1.0914 |
| Daily Pivot Point R2 | 1.0941 |
| Daily Pivot Point R3 | 1.0981 |
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