EUR/USD daily overview

FX:EURUSD   Euro / US-Dollar
EUR/USD demonstrated high volatility in both directions during the previous session, as it was fluctuating within the bounds of 1.2335/1.2420. The upper barrier was provided by the 55-, 100– and 200-hour SMAs and the weekly PP , while the 23.60% Fibo retracement restricted the pair from below.

The slight upward movement during the Asian session suggests that the Euro might be tended north today. Gains, however, should be capped near the 1.2440 mark, as bulls are unlikely to surpass the massive resistance cluster located nearby.

If the previous volatility still persists in the market, traders could expect the pair to remain in the same range as yesterday or even fall down to the monthly PP at 1.2289. Technical indicators favour the bullish scenario.

As previosuly expected, the 55-hour SMA at 1.24 was an unbreakable resistance for EUR/USD which allowed bears to resume dictating the market direction. The pair hindered slightly near the lower boundary of the two-month ascending channel and the 23.60% Fibo retracement located near 1.2306, but was nevertheless pushed down to the weekly S2 where it was trading on Thursday morning.

Technical indicators are gradually recovering from their lows, thus pointing to a possible surge in this session. It is expected that the Euro tries to form a retracement from the breached channel circa 1.2360. This area, likewise reinforced by the 55-hour SMA, the 23.60% Fibo and the weekly S1, is likely to be the top for today.

In case the weekly S2 is breached, losses should be limited at 1.2180.

EUR/USD introduced no changes to its overall price level on Thursday, as it remained fluctuating in the 1.2229/78 area. Meanwhile, the Euro has reached the bottom boundary of the junior channel.

According to technical indicators, some upside potential still exists. Also, the rate should accelerate northwards in line with the prevailing channels. However, the combined resistance of the monthly PP and the 55-hour SMA circa 1.23 is likely to hinder the Euro for some time or even halt its movement up.

In case this area is breached, the ultimate high for the given session should be the 100-hour SMA and the weekly S1 near 1.2350. Bottom limit for today— the weekly S3 and the 38.20% Fibo retracement at 1.2170.

The common European currency remained stable against the Greenback on Friday, as it was confined within the bounds of the 32.20% Fibo retracement and the monthly PP at 1.2226 and 1.2289, respectively.

The pair breaching the 55-hour SMA near 1.2250 could point to a soon period of appreciation. This is likewise supported by other indications, such as the slight two-day consolidation after a week of decline, as well as the Euro’s reversal from the 38.20% Fibo and the bottom boundary of a three-month channel up. Thus, it could be assumed that the rate will try to push up to the 23.60% retracement line at 1.2346, at least.

This scenario, however, could be hindered by the combined resistance of the weekly and monthly PPs and the 100-hour SMA circa 1.23.
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