EUR/USD experienced difficult time to resume to bullish mode. The pair moved higher today and marked daily high at 1.0778, but later on retreated to currently trade at 1.07230. Strong resistance is the psychologycal level at 1.0800. To the downside, fist support is seen at 1.0710 and lower at 1.0640.
On yesterday session, the EURUSD initially rallied with a wide range but found enough selling pressure near the 200-day moving average to give back most of its gains to the market and close near the low of the day, however the currency pair closed within Wednesdays range, which suggests being slightly on the bearish side of neutral.
The currency pair is trading above the 10 and the 50-day moving averages that should provide dynamic support although is still trading below the 200-day moving average that should act as dynamic resistance.
The key levels to watch are: the 200-day moving average at 1.0785 (resistance), a Fibonacci level at 1.07132 (support), the 50-day moving average at 1.0661 (support), the 10-day moving average at 1.0650 (support) and a daily support at 1.0622.
EUR/USD formed a double top at 1.0780 on the one-hour time-frame and bounced off from that level. What is more, the pair has also formed a great shooting star candlestick on the daily time-frame. The closest target is 1.0670, but it will likely continue falling below that level.
The euro rose against the US dollar on Friday. By the close of US trading, EUR/USD was trading at 1.0726, gaining 0.08%. I believe that support is now at around 1.0600, Monday's low, and resistance is likely at 1.0780, Thursday's high.
EUR/USD opened with bullish gap and climbed to a 5-month peak at 1.0939, but retreatred lower to currently trade at 1.0851. Resistance is seen at 1.0900 and higher at 1.0940. On the flip side first support is located at 1.0770 and lower at 1.0730.
On the last Friday’s session the EURUSD initially fell with a narrow range but found enough support near the 10-day moving average to reverse and managed to close near the high of the day, however the currency pair closed within Thursday’s range, which suggests a being slightly on the bullish side of neutral.
The currency pair traded above the 10 and the 50-day moving averages that should provide dynamic support although is still trading below the 200-day moving average that should act as dynamic resistance.
The key levels to watch are: daily resistance 1.0900, other daily resistance at 1.0819, the 200-day moving average at 1.0782 (resistance), a Fibonacci level at 1.07132 (support), the 10-day moving average at 1.0663 (support) and the 50-day moving average at 1.0665 (support).