EUR/USD Price Analysis: Bulls are not out of the woods, despite reclaiming 1.0700

Source Fxstreet
Apr 25, 2024 21:28
  • EUR/USD rises due to US GDP shortfall and elevated inflation data.
  • Technical resistance near 50 and 200-day MAs at 1.0805/07; 100-DMA at 1.0848 next hurdle.
  • Downside below 1.0694 could retest year's low at 1.0601, possibly extending to 1.0516.

On Thursday, the Euro rose against the US Dollar after US economic data portrayed the economy as weaker than expected. At the same time, the inflation figure prompted investors to price out the Federal Reserve's rate cuts in 2024. At the time of writing, the EUR/USD trades at 1.0729, up by 0.29%.

EUR/USD Price Analysis: Technical outlook

From a technical standpoint, the EUR/USD remains bearishly biased, but in the short term, it could test the confluence of the 50 and 200-day moving averages (DMAs) at 1.0805/07. If buyers clear that stir resistance, buyers must crack the 100-DMA at 1.0848. Subsequent gains are seen above that level, with the 1.0900 mark up next.

On the flip side, if EUR/USD sellers drag the spot price below the February 14 low of 1.0694, that would pave the way toward the year-to-date (YTD) low of 1.0601, followed by the November 1, 2023, intermediate support at 1.0516.

EUR/USD Price Action – Daily Chart

EUR/USD

Overview
Today last price 1.0729
Today Daily Change 0.0030
Today Daily Change % 0.28
Today daily open 1.0699
 
Trends
Daily SMA20 1.0735
Daily SMA50 1.0808
Daily SMA100 1.0849
Daily SMA200 1.081
 
Levels
Previous Daily High 1.0714
Previous Daily Low 1.0678
Previous Weekly High 1.069
Previous Weekly Low 1.0601
Previous Monthly High 1.0981
Previous Monthly Low 1.0768
Daily Fibonacci 38.2% 1.0692
Daily Fibonacci 61.8% 1.07
Daily Pivot Point S1 1.068
Daily Pivot Point S2 1.0661
Daily Pivot Point S3 1.0643
Daily Pivot Point R1 1.0716
Daily Pivot Point R2 1.0733
Daily Pivot Point R3 1.0752

 

 

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