EUR/USD Price Analysis: Climbs back above 1.0700, prints minimal gains

Share:
  • EUR/USD edges up to 1.0708, forming a bullish 'tweezers bottom' pattern, yet still below the crucial 200-day moving average at 1.0802.
  • The currency pair maintains a neutral stance with a slight bullish tilt, trapped within a 'bearish flag' pattern on the daily chart.
  • Resistance and support levels are set at 1.0758 and the 38.2% Fibonacci level at 1.0654, respectively, as the pair navigates through pivotal technical junctures.

EUR/USD turns positive late on Wednesday's North American session, but it remains shy of reclaiming the 200-day moving average (DMA) at 1.0802, seen as the next resistance level for buyers. The pair is trading at 1.0708, after forming a ‘tweezers bottom’ chart pattern, with bullish implications.

The daily chart portrays the pair is neutrally biased, though slightly tilted to the upside, but within the boundaries of a ‘bearish flag.’ On November 6, despite breaching the top of the flag, the EUR/USD finished the session offered, forming an inverted hammer, suggesting the EUR/USD could resume downwards. Even though the pair printed a three-day low of 1.0659, it failed to breach support at the 38.2% Fibonacci level of the Fibonacci retracement drawn from the November 1 low to the November 6 swing high, keeping buyers hopeful of higher prices.

Key resistance levels lie at 1.0758, November’s 6 high, followed by the 200-DMA at 1.0802. On the flip side, the first support is seen at the 38.2% Fibonacci level at 10.654, followed by the confluence of the 50-DMA and the 50% Fibo retracement at 1.0624/35.

EUR/USD Price Analysis – Daily Chart

EUR/USD Technical Levels

EUR/USD

Overview
Today last price 1.0706
Today Daily Change 0.0011
Today Daily Change % 0.10
Today daily open 1.0695
 
Trends
Daily SMA20 1.06
Daily SMA50 1.0632
Daily SMA100 1.0803
Daily SMA200 1.0806
 
Levels
Previous Daily High 1.0724
Previous Daily Low 1.0664
Previous Weekly High 1.0747
Previous Weekly Low 1.0517
Previous Monthly High 1.0695
Previous Monthly Low 1.0448
Daily Fibonacci 38.2% 1.0687
Daily Fibonacci 61.8% 1.0701
Daily Pivot Point S1 1.0665
Daily Pivot Point S2 1.0635
Daily Pivot Point S3 1.0606
Daily Pivot Point R1 1.0724
Daily Pivot Point R2 1.0753
Daily Pivot Point R3 1.0783

 

 

Share: Feed news