EUR/USD Price Analysis: Bulls flex muscles on the way to 1.0610 hurdle

FXStreet · 23 Jun 2022 286 Views
  • EUR/USD treads water after three-day uptrend, dribbles around two-week high.
  • Clear break of 10-DMA, impending bull cross on MACD favor buyers.
  • Convergence of 21-DMA, 50-DMA appears a tough nut to crack for the bulls.
  • One-week-old ascending trend line adds to the downside filters.

EUR/USD bulls take a breather around 1.0570, following a three-day uptrend, as traders await the preliminary PMIs for June month from Eurozone and the US during early Thursday.  

Even so, the major currency pair defends the previous day’s breakout of the 10-DMA, the first since early June, which in turn keeps buyers hopeful. Additionally suggesting the quote’s further upside is the looming bull cross of the MACD.

With this, the EUR/USD buyers are all set to challenge the 1.0610 hurdle comprising the 50-DMA and the 21-DMA.

It should be noted, however, that the pair’s ability to cross the 1.0610 key resistance will propel it towards a two-month-old downward sloping resistance line, at 1.0690 by the press time.

On the contrary, pullback moves remain elusive until the EUR/USD prices remain beyond the 10-DMA level of 1.0500.

Following that, a one-week-long support line, close to 1.0485 at the latest, will act as an additional downside filter before directing the pair towards the recently flashed multi-month low of 1.0349.

EUR/USD: Daily chart

Trend: Further upside expected

Additional important levels

Today last price 1.0567
Today Daily Change 0.0038
Today Daily Change % 0.36%
Today daily open 1.0529
Daily SMA20 1.0619
Daily SMA50 1.0621
Daily SMA100 1.0873
Daily SMA200 1.1157
Previous Daily High 1.0583
Previous Daily Low 1.0509
Previous Weekly High 1.0601
Previous Weekly Low 1.0359
Previous Monthly High 1.0787
Previous Monthly Low 1.035
Daily Fibonacci 38.2% 1.0555
Daily Fibonacci 61.8% 1.0537
Daily Pivot Point S1 1.0498
Daily Pivot Point S2 1.0466
Daily Pivot Point S3 1.0424
Daily Pivot Point R1 1.0571
Daily Pivot Point R2 1.0614
Daily Pivot Point R3 1.0645

Affected Trading Instrument

*Risk Disclaimer: The content above represents only the views of the author. It does not represent any views or positions of DCFX and does not mean that DCFX agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the DCFX, DCFX does not assume any form of liability unless otherwise expressly promised in writing.