EUR/USD Price Analysis: Approaches 0.9790 resistance confluence

EUR/USD picks up bids to reverse previous pullback form 100-EMA.
38.2% Fibonacci retracement level adds strength to the upside filter.
Three-week-old horizontal support zone restricts immediate downside.

Anil Panchal FXStreet

EUR/USD remains mildly bid around 0.9750 as it consolidates losses made during the last two weeks during early Monday. In doing so, the major currency pair jumps back towards a convergence of the 100-EMA and 38.2% Fibonacci retracement level of the September 12-27 downside.

Given the recently firmer RSI and sluggish MACD, the quote is likely to keep the latest rebound toward the 0.9790 hurdle.

However, the quote’s further upside appears difficult as the 50% Fibonacci retracement level and the monthly resistance line, respectively around 0.9865 and 0.9900, could challenge the EUR/USD bulls.

Also acting as the key resistance is the 61.8% Fibonacci retracement, also known as the golden ratio, around 0.9945, as well as the 1.0000 parity level.

Meanwhile, EUR/USD sellers will have to conquer the aforementioned horizontal support around 0.9680-70 to retake control.

Following that, the latest multi-year low of 0.9535 will regain the market’s attention before directing the bears towards the September 2001 peak near 0.9330.

To sum up, EUR/USD is likely to witness further upside but the bullish trend is still out of the sight.

EUR/USD: Four-hour chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	0.9747
Today Daily Change	0.0024
Today Daily Change %	0.25%
Today daily open	0.9723

Trends
Daily SMA20	0.9787
Daily SMA50	0.9948
Daily SMA100	1.0162
Daily SMA200	1.0578

Levels
Previous Daily High	0.9809
Previous Daily Low	0.9707
Previous Weekly High	0.9809
Previous Weekly Low	0.9632
Previous Monthly High	1.0198
Previous Monthly Low	0.9536
Daily Fibonacci 38.2%	0.9746
Daily Fibonacci 61.8%	0.977
Daily Pivot Point S1	0.9684
Daily Pivot Point S2	0.9644
Daily Pivot Point S3	0.9582
Daily Pivot Point R1	0.9785
Daily Pivot Point R2	0.9848
Daily Pivot Point R3	0.9887

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.

GBP/USD holds near Feb. 11 highs as bulls await breakout above 1.3660

The GBP/USD pair trades with a positive bias around mid-1.3600s at the start of a new week and remains well within striking distance of its highest level since February 11, touched on Friday. Moreover, the fundamental backdrop favors bullish traders and backs the case for an extension of a nearly one-month-old uptrend.

EUR/USD holds steady amid US debt strategy

EUR/USD remains stronger for the fourth successive trading day, hovering around 1.1680 during the Asian hours. The currency pair holds its ground as the US Dollar struggles under pressure from newly announced United States fiscal moves. The Treasury Department surprised financial markets by pledging to at least double its buybacks of longer-dated government debt in an attempt to rein in rising bond yields.

Gold sits at three-month highs near $4,650

Gold is sitting close to its highest level in three months, near $4,650, in the European session on Monday. The precious metal capitalizes on persistent US Dollar weakness, following the US Treasury's buyback plan amid fresh US-Canada trade tensions. Traders await Iran sanction details for further impetus.

Here's what I learned trading meme coins

I’ve been trading cryptocurrencies for the past seven years, with meme coins becoming one of the most exciting and implacable parts of my experience. I love them because they represent internet culture and community sentiment, and, let’s be honest, extreme speculation. Newly launched meme coins were especially tempting: get in early enough, I thought, and a small bet could turn into a huge return.

The week ahead: Jackson Hole and Nvidia results to take focus away from Trump

We start the week with the focus squarely on the US. Rising Treasury yields, the Jackson Hole Symposium, inflation and GDP data, along with tariff risks, will dominate market action in the coming days.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.