EUR/USD Price Analysis: Door open for extra rangebound

EUR/USD keeps the consolidative mood above the 1.08 mark.
Interim resistance emerges at the 55-day SMA at 1.0948.

Pablo Piovano FXStreet

EUR/USD is prolonging the consolidative note so far this week, always supported by the 1.0800/1.0780 band.

Further consolidation appears well on the cards for the time being, although the inability to probe or better clear the 55-day SMA at 1.0950 in the short-term horizon carries the potential to encourage sellers to return to the market on a more convincing fashion. This hurdle is also reinforced by the proximity of the 2-month resistance line.

That said, the initial magnet to the downside sits at last week’s lows in the 1.0770/65 band ahead of April’s low at 1.0727 (April 24^th).

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0846
Today Daily Change	26
Today Daily Change %	-0.02
Today daily open	1.0848

Trends
Daily SMA20	1.0855
Daily SMA50	1.0942
Daily SMA100	1.0988
Daily SMA200	1.1026

Levels
Previous Daily High	1.0885
Previous Daily Low	1.0784
Previous Weekly High	1.0981
Previous Weekly Low	1.0767
Previous Monthly High	1.1039
Previous Monthly Low	1.0727
Daily Fibonacci 38.2%	1.0847
Daily Fibonacci 61.8%	1.0823
Daily Pivot Point S1	1.0793
Daily Pivot Point S2	1.0738
Daily Pivot Point S3	1.0692
Daily Pivot Point R1	1.0894
Daily Pivot Point R2	1.094
Daily Pivot Point R3	1.0994

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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