EUR/USD Technical Analysis: Steadily recovers beyond 1.1200 handle but remains vulnerable, NFP in focus
• The pair built on its corrective bounce from 20-month lows and the recovery has been along a short-term trend-channel formation on the intraday charts.
• Given the previous session’s post-ECB slump, the channel constituted towards the formation of a bearish continuation flag pattern on the 1-hourly chart.
• Meanwhile, oscillators on hourly/daily charts have recovered from highly oversold conditions but remained in the bearish territory, suggesting more downside.
• A convincing break below the trend-channel support, currently near the 1.1200 handle, will reinforce the bearish set-up and trigger a fresh leg of downward momentum.
EUR/USD 1-hourly chart
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EUR/USD
Overview:
Today Last Price: 1.1222
Today Daily change: 40 pips
Today Daily change %: 0.36%
Today Daily Open: 1.1182
Trends:
Daily SMA20: 1.1323
Daily SMA50: 1.1382
Daily SMA100: 1.1378
Daily SMA200: 1.1501
Levels:
Previous Daily High: 1.1322
Previous Daily Low: 1.1176
Previous Weekly High: 1.1422
Previous Weekly Low: 1.1328
Previous Monthly High: 1.1489
Previous Monthly Low: 1.1234
Daily Fibonacci 38.2%: 1.1232
Daily Fibonacci 61.8%: 1.1266
Daily Pivot Point S1: 1.1131
Daily Pivot Point S2: 1.1081
Daily Pivot Point S3: 1.0986
Daily Pivot Point R1: 1.1277
Daily Pivot Point R2: 1.1372
Daily Pivot Point R3: 1.1422