EUR/USD Price Analysis: Teases another attempt to cross 200-SMA hurdle above 1.0500

FXStreet · 24 Jun 2022 222 Views
  • EUR/USD consolidates the biggest daily loss in a week after bouncing off short-term key supports.
  • 50-SMA, five-week-old horizontal area appear to be strong supports.
  • Bulls need validation from 200-SMA to retake control.

EUR/USD holds onto the corrective pullback from the 50-SMA around 1.0525 during Friday’s Asian session.

In doing so, the major currency pair also justifies Wednesday’s rebound from the key horizontal support zone comprising multiple levels marked since mid-May.

Given the sluggish MACD signals and steady RSI, coupled with the quote’s ability to recover from important supports, the EUR/USD pair is likely to run towards the 200-SMA hurdle surrounding 1.0585.

However, the quote’s upside past 1.0585 will need to cross the weekly peak of 1.0600 and early June’s low near 1.0630 to give control to buyers.

Meanwhile, the 50-SMA and aforementioned support area, respectively near 1.0495 and 1.0470-60, could challenge the EUR/USD bears.

During the pair’s weakness past 1.0460, multiple troughs near 1.0400 could test the bears before directing them to the yearly low of 1.0349.

To sum up, EUR/USD signals corrective pullback but the buyers need validation from 200-SMA.

EUR/USD: Four-hour chart

Trend: Further recovery expected

Additional important levels

Today last price 1.0522
Today Daily Change -0.0045
Today Daily Change % -0.43%
Today daily open 1.0567
Daily SMA20 1.0613
Daily SMA50 1.0615
Daily SMA100 1.0866
Daily SMA200 1.115
Previous Daily High 1.0606
Previous Daily Low 1.0469
Previous Weekly High 1.0601
Previous Weekly Low 1.0359
Previous Monthly High 1.0787
Previous Monthly Low 1.035
Daily Fibonacci 38.2% 1.0553
Daily Fibonacci 61.8% 1.0521
Daily Pivot Point S1 1.0489
Daily Pivot Point S2 1.041
Daily Pivot Point S3 1.0352
Daily Pivot Point R1 1.0626
Daily Pivot Point R2 1.0684
Daily Pivot Point R3 1.0762