EUR/USD Price Analysis: Euro positions for key data above 1.0910 support amid oversold RSI

EUR/USD bounces off three-week-old falling support line, forming part of falling wedge bullish chart formation.
Oversold RSI, positioning for top-tier EU, US data allow Euro to print mild gains.
Eurozone PMI, US ISM Services PMI and risk catalysts eyed for clear directions.
Downside break of ascending support line from May 31, bearish MACD signals favor Euro sellers.

Anil Panchal FXStreet

EUR/USD licks its wounds at the lowest level since July 07 as it bounces off a three-week-old descending support line during early Thursday, defensive around 1.0940 by the press time.

In doing so, the Euro pair takes clues from the oversold RSI (14) line, as well as the market’s positioning for inflation and employment clues from the Eurozone and the US. Furthermore, the recently firmer S&P500 Futures and a pullback in the Treasury bond yields also allow the EUR/USD pair to consolidate recent losses.

However, the EUR/USD bears remain hopeful unless the quote stays below the support-turned-resistance line stretched from May 31, around 1.0980 by the press time.

Following that, the 38.2% Fibonacci retracement of its May-July upside, near 1.1040, and the stated falling wedge’s top line, close to 1.1065, will be in the spotlight.

Should the EUR/USD price rises past 1.1065, the pair can rise towards the previous monthly high of 1.1275 with the theoretical target of the falling wedge breakout of 1.1420 likely luring the Euro buyers afterward.

On the flip side, the stated wedge’s bottom line puts a floor under the EUR/USD price near 1.0910 ahead of highlighting the 61.8% Fibonacci retracement level of 1.0880 and the previous monthly bottom of around 1.0835.

Also read: EUR/USD sellers flirt with 1.0950 at one-month low, EU/US economics, Treasury bond yields eyed

EUR/USD: Four-hour chart

Trend: Corrective bounce expected

Additional important levels

Overview
Today last price	1.0942
Today Daily Change	0.0004
Today Daily Change %	0.04%
Today daily open	1.0938

Trends
Daily SMA20	1.1074
Daily SMA50	1.0926
Daily SMA100	1.0913
Daily SMA200	1.0734

Levels
Previous Daily High	1.102
Previous Daily Low	1.0918
Previous Weekly High	1.115
Previous Weekly Low	1.0944
Previous Monthly High	1.1276
Previous Monthly Low	1.0834
Daily Fibonacci 38.2%	1.0957
Daily Fibonacci 61.8%	1.0981
Daily Pivot Point S1	1.0898
Daily Pivot Point S2	1.0857
Daily Pivot Point S3	1.0796
Daily Pivot Point R1	1.1
Daily Pivot Point R2	1.1061
Daily Pivot Point R3	1.1102

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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