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EUR/USD Price Analysis: More of the bounce is possible in the short term

  • EUR/USD bounces off lows around 1.0480 on Thursday.
  • Further recovery should target the monthly high at 1.0641.

EUR/USD pulls back and almost totally erases Wednesday’s pullback and shifts attention to recent weekly highs near 1.0560.

Considering the current price action of the pair, a continuation of the bounce is likely to happen in the very short term. If this is the case, the next hurdle emerges at the May high at 1.0641 (May 5) ahead of the 55-day SMA today at 1.0798.

Below the three-month line near 1.0870, the pair is expected to remain under pressure and vulnerable to further losses.

EUR/USD day chart

EUR/USD

Panorama
Last Price Today 1.0515
Today’s Daily Change -0.0034
Today’s Daily Change % -0.32
Today’s Daily Opening 1.0549
Trends
20 Daily SMA 1.0578
50 Daily SMA 1.0806
100 Daily SMA 1.1049
200 Daily SMA 1.1303
levels
Previous Daily High 1.0556
Previous Daily Minimum 1.0428
Previous Maximum Weekly 1.0592
Previous Weekly Minimum 1,035
Monthly Prior Maximum 1.1076
Previous Monthly Minimum 1.0471
Daily Fibonacci 38.2% 1.0507
Daily Fibonacci 61.8% 1.0477
Daily Pivot Point S1 1.0466
Daily Pivot Point S2 1.0384
Daily Pivot Point S3 1.0339
Daily Pivot Point R1 1.0594
Daily Pivot Point R2 1.0638
Daily Pivot Point R3 1.0721

Source: Fx Street

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