EUR/USD Price Analysis: Struggles for clear directions around 1.0500

EUR/USD bears take a breather after three-week downside, sidelined of late.
Key HMAs restrict immediate moves below weekly resistance line.
Firmer RSI hints at further recovery but bulls need validation from 1.0650 to retake control.

Anil Panchal FXStreet

EUR/USD pares recent losses around 1.0500 during a quiet Asian session on Monday. In doing so, the major currency pair probe the three-week downtrend as traders struggle for clear directions.

That said, a two-day-old rising support line joins the 100-HMA to restrict short-term declines of the pair around 1.0460. Also keeping the bulls hopeful is the upward sloping RSI (14) line, not overbought.

However, the 200-HMA and one-week-long resistance, respectively around 1.0540 and 1.0560, could test the EUR/USD bulls afterward.

Even if the quote rises past 1.0560, the June 10 swing high around 1.0650 could act as the last defense of the EUR/USD bears.

Meanwhile, the aforementioned support confluence near 1.0460 holds the key to the EUR/USD pair’s slump towards the yearly low of 1.0360.

During the fall, the 1.0400 level may offer intermediate support ahead of the year 2017’s trough close to 1.0340.

Overall, EUR/USD stays on the way to refresh yearly low but bears have limited downside to cheer.

EUR/USD: Hourly chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	1.0492
Today Daily Change	-0.0010
Today Daily Change %	-0.10%
Today daily open	1.0502

Trends
Daily SMA20	1.0638
Daily SMA50	1.0635
Daily SMA100	1.0888
Daily SMA200	1.117

Levels
Previous Daily High	1.0561
Previous Daily Low	1.0445
Previous Weekly High	1.0601
Previous Weekly Low	1.0359
Previous Monthly High	1.0787
Previous Monthly Low	1.035
Daily Fibonacci 38.2%	1.0489
Daily Fibonacci 61.8%	1.0517
Daily Pivot Point S1	1.0444
Daily Pivot Point S2	1.0386
Daily Pivot Point S3	1.0327
Daily Pivot Point R1	1.056
Daily Pivot Point R2	1.0619
Daily Pivot Point R3	1.0677

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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