EUR/USD Price Analysis: Euro fades bullish bias within monthly triangle, focus on 1.0920 and US inflation

EUR/USD snaps two-day winning streak but lacks follow-through amid sluggish session.
One-month-old symmetrical triangle restricts immediate Euro moves as US CPI week begins.
Failure to cross 200-SMA triggers pullback moves but oscillators keep EUR/USD buyers hopeful unless breaking 1.0920 support.

Anil Panchal FXStreet

EUR/USD prints the first daily loss in three as it drops to 1.0995 while posting mild losses during the mid-Asian session on Monday. Even so, the Euro pair remains within a one-month-old symmetrical triangle, recently reversing from the top line and slipping back below the 200-SMA hurdle.

It’s worth noting that the previous support line from early July joins the bullish MACD signals and upbeat RSI (14) line to keep the Euro buyers hopeful as they await this week’s US inflation numbers, namely the Consumer Price Index (CPI) and Producer Price Index (PPI) for July.

Even if the quote breaks the 1.0990 immediate support, the 50% Fibonacci retracement of May-July upside, near 1.0950 and the stated triangle’s bottom line around 1.0920 will be crucial challenges for the EUR/USD bears to watch for retaking control.

Also likely to challenge the Euro sellers is the 61.8% Fibonacci retracement surrounding 1.0880 and the previous monthly low of around 1.0830.

Meanwhile, the 200-SMA level of around 1.1020 guards the immediate recovery of the EUR/USD pair ahead of the stated triangle’s top line, close to 1.1030 at the latest.

Following that, the late July swing high around 1.1050 may act as the last defense of the Euro bears before directing the quote towards the yearly of 1.1275.

EUR/USD: Four-hour chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	1.0996
Today Daily Change	-0.0013
Today Daily Change %	-0.12%
Today daily open	1.1009

Trends
Daily SMA20	1.108
Daily SMA50	1.0937
Daily SMA100	1.092
Daily SMA200	1.0745

Levels
Previous Daily High	1.1042
Previous Daily Low	1.0935
Previous Weekly High	1.1046
Previous Weekly Low	1.0912
Previous Monthly High	1.1276
Previous Monthly Low	1.0834
Daily Fibonacci 38.2%	1.1001
Daily Fibonacci 61.8%	1.0976
Daily Pivot Point S1	1.0948
Daily Pivot Point S2	1.0888
Daily Pivot Point S3	1.0841
Daily Pivot Point R1	1.1055
Daily Pivot Point R2	1.1102
Daily Pivot Point R3	1.1162

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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