EUR/USD Price Analysis: Solid resistance emerges at 1.0786

  • EUR/USD reverses initial optimism and returns to 1.0720.
  • The resistance line around 1.0790 caps the upside so far.

The EUR/USD It is now trading slightly on the defensive, although it manages well to hold above 1.0700 on Monday.

The breakout of the 3-month resistance line today around 1.0765 should ease the downside pressure and allow a likely move towards the May high at 1.0786 (30 May). Further up is the weekly high at 1.0936 (April 21).

In the long term, the bearish view of the pair is expected to prevail as long as it trades below the 200-day SMA at 1.1226.

EUR/USD daily chart

Technical levels

EUR/USD

Panorama
Last Price Today 1.0702
Today’s Daily Change -0.0016
Today’s Daily Change % -0.15
Today’s Daily Opening 1.0718
Trends
20 Daily SMA 1,061
50 Daily SMA 1.0721
100 Daily SMA 1.0961
200 Daily SMA 1.1234
levels
Previous Daily High 1.0765
Previous Daily Minimum 1.0704
Previous Maximum Weekly 1.0787
Previous Weekly Minimum 1.0627
Monthly Prior Maximum 1.0787
Previous Monthly Minimum 1,035
Daily Fibonacci 38.2% 1.0727
Daily Fibonacci 61.8% 1.0741
Daily Pivot Point S1 1.0693
Daily Pivot Point S2 1.0668
Daily Pivot Point S3 1.0633
Daily Pivot Point R1 1.0754
Daily Pivot Point R2 1,079
Daily Pivot Point R3 1.0815

Source: Fx Street

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