EUR/USD Price Analysis: Consolidates below the 1.0700 mark, eyes on Eurozone GDP data


  • EUR/USD consolidates in a narrow trading range near 1.0685 on Monday.
  • The pair holds above the 50- and 100-hour EMAs; the RSI indicator shows a non-directional movement.
  • The immediate resistance level is seen at 1.0718; 1.0655 acts as an initial support level.

The EUR/USD pair oscillates within a narrow trading range below the 1.0700 mark during the Asian session on Monday. Traders prefer to wait on the sidelines ahead of the Eurozone Gross Domestic Product for the third quarter (Q3). The quarterly growth number in the Eurozone is expected to contract by 0.1%, while the annual figure is forecast to grow by 0.1%. The softer report could weigh on the Euro (EUR) and act as a headwind for the pair. The major pair currently trades around 1.0685, unchanged for the day.

From the technical perspective, EUR/USD holds above the 50- and 100-hour Exponential Moving Averages (EMAs) on the four-hour chart, supporting the buyers for the time being. However, the Relative Strength Index (RSI) is located in the 40–60 zone, indicating a non-directional movement in the major pair.

The immediate resistance level for EUR/USD is seen at the upper boundary of the Bollinger Band at 1.0718. Any follow-through buying above the latter will see the next barrier near a high of November 6 at 1.0756. The additional upside filter to watch is near the psychological round figure at 1.0800.

On the other hand, the lower limit of the Bollinger Band at 1.0655 acts as an initial support level for the major pair. A break below 1.0655 will see a drop to the 100-hour EMA at 1.0644. Further south, the next contention level is located near a low of November 2 at 1.0591, followed by a low of November 1 at 1.0517.

EUR/USD four-hour chart

 

EUR/USD

Overview
Today last price 1.0685
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 1.0685
 
Trends
Daily SMA20 1.062
Daily SMA50 1.0623
Daily SMA100 1.0795
Daily SMA200 1.0802
 
Levels
Previous Daily High 1.0693
Previous Daily Low 1.0656
Previous Weekly High 1.0756
Previous Weekly Low 1.0656
Previous Monthly High 1.0695
Previous Monthly Low 1.0448
Daily Fibonacci 38.2% 1.0679
Daily Fibonacci 61.8% 1.067
Daily Pivot Point S1 1.0663
Daily Pivot Point S2 1.0642
Daily Pivot Point S3 1.0627
Daily Pivot Point R1 1.07
Daily Pivot Point R2 1.0715
Daily Pivot Point R3 1.0736

 

 

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