EUR/USD Price Analysis: Bounces off multi-month low to regain 1.0700

EUR/USD recovers from the three-year low.
50-HMA, three-day-old resistance line cap immediate upside.
Sellers will wait for entry below 1.0630.

Anil Panchal FXStreet

Following its initial drop to a 35-month low, EUR/USD marks 0.13% gains to 1.0711, with an intraday high of 1.0720, amid the early Monday.

While taking supports from bullish MACD, the pair heads to 50-HMA and a short-term falling trend line resistance, around 1.0750, a break of which could escalate the recovery moves to 1.0980.

In a case where buyers manage to dominate past-1.0980, the previous week’s top near 1.1240 could return to the charts.

On the contrary, the pair’s declines below the immediate descending trend line support, at 1.0630, holds the key to its further downside towards 1.0600 and February 2017 low near 1.0490.

EUR/USD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.0712
Today Daily Change	16 pips
Today Daily Change %	0.15%
Today daily open	1.0696

Trends
Daily SMA20	1.107
Daily SMA50	1.1022
Daily SMA100	1.1057
Daily SMA200	1.1091

Levels
Previous Daily High	1.0831
Previous Daily Low	1.0638
Previous Weekly High	1.1237
Previous Weekly Low	1.0638
Previous Monthly High	1.1089
Previous Monthly Low	1.0778
Daily Fibonacci 38.2%	1.0757
Daily Fibonacci 61.8%	1.0712
Daily Pivot Point S1	1.0612
Daily Pivot Point S2	1.0528
Daily Pivot Point S3	1.0419
Daily Pivot Point R1	1.0806
Daily Pivot Point R2	1.0915
Daily Pivot Point R3	1.0999

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.

EUR/USD remains sidelined around 1.1600

EUR/USD clings to its decent gains on Monday and continues to move in a consolidative mood around the 1.1600 region. Improved risk appetite following the US-Iran agreement to reopen the Strait of Hormuz continues to weigh on the US Dollar, lending support to the risk complex. Looking ahead, investors are likely to remain on the sidelines ahead of Wednesday's FOMC meeting.

GBP/USD retreats from tops, back to 1.3420

GBP/USD keeps its advance past the 1.3400 yardstick at the beginning of the week. In the meantime, Cable continues to draw support from improved market sentiment following reports that the US and Iran have reached a framework agreement aimed at ending the conflict and reopening the Strait of Hormuz.

Gold stays firm, still below $4,400

Gold builds on its recent gains on Monday, climbing well north of the $4,300 mark per troy ounce. The yellow metal benefits from renewed selling pressure on the Greenback as investors reassess the implications of the US-Iran agreement to end hostilities and reopen the Strait of Hormuz. Market participants now turn their attention to Wednesday's FOMC gathering.