EUR/USD Price Analysis: 50-DMA guards immediate upside around 1.1800

EUR/USD keeps break of three-month-old falling trend line, 20-DMA.
Bullish MACD keeps buyers hopeful to aim for July’s top.
Multiple hurdles above 1.1700 to challenge bear’s entry.

Anil Panchal FXStreet

EUR/USD holds onto Friday’s key resistance breakout during early Monday morning in Asia.

The currency major pair crossed a confluence of 20-DMA and a descending trend line from early June the previous day to jump to the fortnight high. However, 50-DMA seems to challenge the upside momentum of late.

Even so, bullish MACD and a clear break of the 1.1760 resistance, now support, signals further upside of the EUR/USD buyers towards the previous month’s peak surrounding 1.1910.

During the rise, the 1.1830 and the monthly high near the 1.1900 round figure will join the immediate hurdle, namely the 50-DMA level around 1.1815.

Alternatively, a daily closing below 1.1760 won’t recall the EUR/USD bears as five-week-long horizontal support near 1.1750 adds to the downside filter.

On the same line, multiple levels marked since August 11 also challenge the pair sellers near 1.1710 ahead of directing them to the yearly low of 1.1664.

To sum up, EUR/USD remains bullish even as 50-DMA challenges short-term upside moves.

EUR/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.1796
Today Daily Change	0.0001
Today Daily Change %	0.01%
Today daily open	1.1795

Trends
Daily SMA20	1.1764
Daily SMA50	1.1815
Daily SMA100	1.1956
Daily SMA200	1.2006

Levels
Previous Daily High	1.1802
Previous Daily Low	1.1735
Previous Weekly High	1.1802
Previous Weekly Low	1.1693
Previous Monthly High	1.1909
Previous Monthly Low	1.1752
Daily Fibonacci 38.2%	1.1777
Daily Fibonacci 61.8%	1.1761
Daily Pivot Point S1	1.1753
Daily Pivot Point S2	1.171
Daily Pivot Point S3	1.1685
Daily Pivot Point R1	1.182
Daily Pivot Point R2	1.1845
Daily Pivot Point R3	1.1887

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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