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.

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