EUR/USD Price Analysis: Bulls brace for 11-week-old hurdle around 1.1800

EUR/USD bulls battle 21-DMA after Friday’s upbeat performance.
Firmer oscillators, sustained break of short-term horizontal resistance, now support, favor bulls.
50-DMA adds to the upside barriers, yearly bottom challenges sellers.

Anil Panchal FXStreet

EUR/USD edges higher around 1.1800, after positing the heaviest daily gains in three months, amid early Asian session on Monday.

The major currency pair crossed a horizontal area comprising levels marked since July 21 the previous day, backed by an upbeat RSI and Momentum line.

Hence, the bulls are on their way to another, actually bigger, challenge in the form of a downward sloping trend line from early June, surrounding 1.1830.

It should be noted, however, that 21-DMA restricts the quote’s immediate upside around 1.1800 whereas 50-DMA offers additional resistance near 1.1870.

Meanwhile, the stated resistance-turned-support line around 1.1750 limits the quote’s pullback moves ahead of the key 1.1700 psychological magnets near the yearly bottom.

In a case where the EUR/USD bears keep reins below 1.1700, the late 2020 numbers surrounding 1.1600 should return to the chart.

EUR/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.1798
Today Daily Change	0.0002
Today Daily Change %	0.02%
Today daily open	1.1796

Trends
Daily SMA20	1.1802
Daily SMA50	1.1884
Daily SMA100	1.1963
Daily SMA200	1.201

Levels
Previous Daily High	1.1805
Previous Daily Low	1.173
Previous Weekly High	1.1805
Previous Weekly Low	1.1706
Previous Monthly High	1.1909
Previous Monthly Low	1.1752
Daily Fibonacci 38.2%	1.1776
Daily Fibonacci 61.8%	1.1758
Daily Pivot Point S1	1.1749
Daily Pivot Point S2	1.1702
Daily Pivot Point S3	1.1674
Daily Pivot Point R1	1.1824
Daily Pivot Point R2	1.1852
Daily Pivot Point R3	1.1899

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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