EUR/USD Price Analysis: The upside remains capped by the 55-day SMA

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  • EUR/USD reverses the positive start of the session on Tuesday.
  • Further gains appear capped initially by the 55-day SMA near 1.0615.

The EUR/USD stepped back part of the recent two-day advance and fell rapidly to 1.0550 on Tuesday.

In the very short term, occasional bullish attempts need to break above the 55-day SMA near 1.0615, which also coincides with the weekly highs. If broken, the next hurdle to watch is the 4-month line near 1.0660. The pair is expected to see its downside pressure eased if it closes above the latter, with the next target being June’s high of 1.0773 and May’s high of 1.0786.

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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 1.1125.

EUR/USD daily chart

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Technical levels

EUR/USD

Panorama
Last Price Today 1.0517
Today’s Daily Change -0.0069
Today’s Daily Change % -0.65
Today’s Daily Opening 1.0586
Trends
20 Daily SMA 1.0584
50 Daily SMA 1.06
100 Daily SMA 1.0839
200 Daily SMA 1.1133
levels
Previous Daily High 1.0615
Previous Daily Minimum 1,055
Previous Maximum Weekly 1.0606
Previous Weekly Minimum 1.0469
Monthly Prior Maximum 1.0787
Previous Monthly Minimum 1,035
Daily Fibonacci 38.2% 1,059
Daily Fibonacci 61.8% 1.0575
Daily Pivot Point S1 1.0552
Daily Pivot Point S2 1.0519
Daily Pivot Point S3 1.0488
Daily Pivot Point R1 1.0617
Daily Pivot Point R2 1.0648
Daily Pivot Point R3 1.0681

Source: Fx Street

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