EUR/USD Analysis: bears pressuring, 1.0980 critical support
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With the weekend trade/political headlines infuriating the global risk watchers, the USD/CAD pair remains below the key simple moving average (SMA) while taking rounds to 1.3260 at the start of Monday’s Asian trading session.
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Top-tier euro-zone surveys and trade developments stand out on the agenda
Markets may never be satisfied with central banks – as the Federal Reserve failed to convince markets – just like the European Central Bank. For EUR/USD, the result is a standstill. The last full week of the third quarter features new forward-looking data in Europe, trade developments in the US, and also other events.
EUR/USD has been remarkably stable amid the Federal Reserve's rate cut and drama in oil markets. How is it positioned as the week draws to a close?
The Technical Confluences Indicator is showing that EUR/USD has support at 1.1045, which is the convergence of the Fibonacci 38.2% one-week, the Fibonacci 61.8% one-day, the Simple Moving Average 100-1h, the SMA 200-1h, the Bollinger Band 4h-Middle, and the BB one-day Middle.
If it falls below this level, the world's most popular currency pair has only weak support. The next noteworthy level is 1.0965, which is the confluence of the BB 1d-Lower, the Pivot Point one-week Support 1, and the PP 1d-S3.
Looking up, fierce resistance awaits at 1.1074. The dense cluster includes the BB 1h-Upper, the PP 1d-R1, the Fibonacci 38.2% one-month, the previous daily high, and the Fibonacci 23.6% one-week.
