EUR/USD Technical Analysis: Flirting with daily tops, around 1.1075 region


The EUR/USD pair built on its intraday positive move and is currently placed near the top end of its daily trading range, around the 1.1075 region. The post-NFP slide showed some resilience below the 200-hour SMA, with some renewed USD selling bias helping the pair to regain some positive traction on the first day of a new trading week.

A sustained move back above 38.2% Fibonacci level of the 1.0981-1.1116 recent positive move was seen as a key trigger for intraday bullish traders. Any subsequent move beyond the 1.1085 area (23.6% Fibo.) has the potential to lift the pair further beyond the 1.1100 handle, back towards testing last week's swing high – around the 1.1115 region.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and have again started gaining positive momentum on hourly charts, supporting prospects for additional gains. However, further gains are likely to remain capped ahead of this week's key event risk – the highly anticipated FOMC monetary policy update on Wednesday.

On the downside, the 50% Fibo. level, around mid-1.1000s, now seems to have emerged as immediate support. Failure to defend the mentioned support might negate the constructive outlook and prompt some aggressive technical selling, which might accelerate the slide and drag the pair back towards challenging the key 1.10 psychological mark.

EUR/USD 1-hourly chart


Today last price1.1074
Today Daily Change0.0014
Today Daily Change %0.13
Today daily open1.106


Daily SMA201.1045
Daily SMA501.1053
Daily SMA1001.1068
Daily SMA2001.1159


Previous Daily High1.1112
Previous Daily Low1.104
Previous Weekly High1.1116
Previous Weekly Low1.1002
Previous Monthly High1.1176
Previous Monthly Low1.0981
Daily Fibonacci 38.2%1.1067
Daily Fibonacci 61.8%1.1084
Daily Pivot Point S11.1029
Daily Pivot Point S21.0998
Daily Pivot Point S31.0957
Daily Pivot Point R11.1101
Daily Pivot Point R21.1142
Daily Pivot Point R31.1173