EUR/USD Price Analysis: The first upside target is seen at the 1.0710–1.0715 region

Source Fxstreet
Apr 24, 2024 05:20
  • EUR/USD holds positive ground around 1.0705 in Wednesday’s early European session. 
  • The pair keeps the bearish vibe unchanged below the key EMA.
  • The first upside barrier is seen at the 1.0710–1.0715 region; the first downside target is located at 1.0638.

The EUR/USD pair trades in positive territory for the fourth consecutive day near 1.0705 on Wednesday during the early European trading hours. The recovery of the major pair is bolstered by the downbeat US April PMI data, which weighs on the Greenback. Later in the day, Germany’s IFO business sentiment index and Expectations will be published. On the US docket, the US March Durable Goods Orders will be released. 

Technically, the bearish trend of EUR/USD remains intact on the four-hour chart, as the major pair is below the key 100-period Exponential Moving Average (EMA). In the event that the EUR/USD pair crosses above the key 100-period EMA, it will resume its upside. It’s worth noting that the Relative Strength Index (RSI) stands in bullish territory around 66, suggesting that further upside cannot be ruled out. 

A decisive break above the upper boundary of the Bollinger Band and the 100-period EMA in the 1.0710-1.0715 zone will see a rally to a high of April 11 at 1.0756. The next key upside barrier is seen at the confluence of a low of March 22 and a psychological level at 1.0800. The additional upside filter to watch is a high of April 4 at 1.0875.

On the other hand, the first downside target is located near a low of April 23 at 1.0638. Any follow-through selling below the latter will see a drop to the lower limit of the Bollinger Band at 1.0625. A breach of this level will expose a low of November 2 at 1.0565.

EUR/USD four-hour chart

EUR/USD

Overview
Today last price 1.0705
Today Daily Change 0.0003
Today Daily Change % 0.03
Today daily open 1.0702
 
Trends
Daily SMA20 1.0742
Daily SMA50 1.0808
Daily SMA100 1.085
Daily SMA200 1.0812
 
Levels
Previous Daily High 1.0711
Previous Daily Low 1.0639
Previous Weekly High 1.069
Previous Weekly Low 1.0601
Previous Monthly High 1.0981
Previous Monthly Low 1.0768
Daily Fibonacci 38.2% 1.0684
Daily Fibonacci 61.8% 1.0666
Daily Pivot Point S1 1.0656
Daily Pivot Point S2 1.0611
Daily Pivot Point S3 1.0584
Daily Pivot Point R1 1.0729
Daily Pivot Point R2 1.0757
Daily Pivot Point R3 1.0802

 

 

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