EUR/USD Price Analysis: Extends recovery, the first upside target is seen at 1.0700

Source Fxstreet
Apr 18, 2024 06:26
  • EUR/USD rebounds to 1.0688 amid the weaker US Dollar on Thursday. 
  • The bearish outlook of the pair remains intact below the key 100-period EMA. 
  • The first upside target is seen at 1.0700; the initial support level is located at 1.0622.

The EUR/USD pair extends its recovery near 1.0688 on Thursday during the early European trading hours. The rebound of the major pair is backed by the selling pressure in the US Dollar Index (DXY) to 105.78. However, the upside of EUR/USD might be limited as the market expected the European Central Bank to cut the interest rate in June, which weighs on the Euro (EUR) against the Greenback. 

From a technical perspective, EUR/USD keeps the bearish vibe unchanged on the four-hour chart as the major pair is below the key 100-period Exponential Moving Average (EMA). However, the Relative Strength Index (RSI) stands in bullish territory around 55, suggesting that further upside cannot be ruled out. 

The first upside barrier of the major pair will emerge near the 50-period EMA and round figure at 1.0700. The additional upside filter to watch is the 100-period EMA at 1.0745. Further north, the next hurdle is seen near a low of March 22 and psychological level at 1.0800, en route to a high of April 9 at 1.0885. 

On the flip side, the initial support level for the major pair is located near a low of April 12 at 1.0622. The next contention level to watch is the 1.0595–1.0600 zone, indicating the lower limit of the Bollinger Band and round mark. Any follow-through selling below the latter will pave the way to a low of November 2 at 1.0565.

EUR/USD four-hour chart

EUR/USD

Overview
Today last price 1.0685
Today Daily Change 0.0012
Today Daily Change % 0.11
Today daily open 1.0673
 
Trends
Daily SMA20 1.0776
Daily SMA50 1.0816
Daily SMA100 1.0857
Daily SMA200 1.0824
 
Levels
Previous Daily High 1.068
Previous Daily Low 1.0606
Previous Weekly High 1.0885
Previous Weekly Low 1.0622
Previous Monthly High 1.0981
Previous Monthly Low 1.0768
Daily Fibonacci 38.2% 1.0652
Daily Fibonacci 61.8% 1.0634
Daily Pivot Point S1 1.0626
Daily Pivot Point S2 1.0579
Daily Pivot Point S3 1.0552
Daily Pivot Point R1 1.07
Daily Pivot Point R2 1.0727
Daily Pivot Point R3 1.0773

 

 

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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