EUR/USD Price Analysis: Grinds higher past 100, 200 HMA confluence

EUR/USD prints three-day uptrend as it seesaws around intraday top.
MACD teases buyers but rising wedge formation challenges upside momentum.
One-week-old horizontal support adds to the downside filters.

Anil Panchal FXStreet

EUR/USD stays defensive around 1.0645, portraying a three-day winning streak amid a sluggish Wednesday morning in Europe.

In doing so, the major currency pair justifies the previous bounce off the key Hourly Moving Averages (HMAs) inside a short-term rising wedge bearish chart formation.

It’s worth noting that the impending bull cross on the MACD and the quote’s sustained trading beyond the 100 and 200-HMA confluence, near 1.0620, keep the EUR/USD buyers hopeful.

Also favoring the EUR/USD bulls is the quote’s U-turn from the 1.0580-75 horizontal support area.

However, a rejection of the three-day-old rising wedge is necessary for the pair buyer’s conviction. As a result, successful trading beyond 1.0675 could push back the sellers.

Following that, an uptick to the monthly high flashed on December 15, around 1.0735, becomes imminent.

In the case where the EUR/USD price remains firmer past 1.0735, May’s peak of 1.0786 and the 1.0800 round figure will be in the spotlight.

On the contrary, a downside break of 1.0630 will confirm the rising wedge bearish formation. Even so, the convergence of the stated HMAs, near 1.0620, could challenge the EUR/USD bears.

Should the EUR/USD remains weak past 1.0620, the one-week-old horizontal support area surrounding 1.0580-75, holds the key to the pair’s south-run towards the monthly low near 1.0390.

EUR/USD: Hourly chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	1.0646
Today Daily Change	0.0005
Today Daily Change %	0.05%
Today daily open	1.0641

Trends
Daily SMA20	1.0569
Daily SMA50	1.0296
Daily SMA100	1.0115
Daily SMA200	1.033

Levels
Previous Daily High	1.067
Previous Daily Low	1.0612
Previous Weekly High	1.0659
Previous Weekly Low	1.0573
Previous Monthly High	1.0497
Previous Monthly Low	0.973
Daily Fibonacci 38.2%	1.0648
Daily Fibonacci 61.8%	1.0634
Daily Pivot Point S1	1.0612
Daily Pivot Point S2	1.0583
Daily Pivot Point S3	1.0554
Daily Pivot Point R1	1.067
Daily Pivot Point R2	1.0699
Daily Pivot Point R3	1.0728

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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