EUR/USD Price Analysis: Eyes further upside as bulls attack 0.9830 key hurdle

EUR/USD grinds higher around the weekly top, pokes key resistance confluence.
Previous support line from July, three-week-old resistance line constitute immediate hurdle.
The year 2001 high, descending support line from May challenge bears.
Looming bull cross on the MACD, steady RSI favor buyers.

Anil Panchal FXStreet

EUR/USD jostles with the key 0.9830 resistance confluence as bulls struggle to defend the first weekly gains in three during Friday’s Asian session.

In doing so, the major currency pair battles the four-month-old support-turned-resistance, as well as the downward sloping resistance line from September 13.

It should be noted, however, that the impending bull cross on the MACD and steady RSI (14) favor the buyers.

That said, a clear upside break of the 0.9830 hurdle will propel the EUR/USD prices towards the 50-DMA, around 1.0035 by the press time. Also acting as the upside filters is the 1.0000 parity level and the monthly high near 1.0200.

Meanwhile, the pair’s pullback moves may initially aim for the 10-DMA support near 0.9795 before targeting the 0.9690-75 support area.

Following that, the year 2001 peak and the latest bottom, respectively around 0.9600 and 0.9535, could challenge the bears.

If at all the EUR/USD pair remains weak past 0.9535, the downward sloping support line from May, near 0.9455, will be in focus.

EUR/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.9829
Today Daily Change	0.0013
Today Daily Change %	0.13%
Today daily open	0.9816

Trends
Daily SMA20	0.9901
Daily SMA50	1.0039
Daily SMA100	1.0251
Daily SMA200	1.0663

Levels
Previous Daily High	0.9816
Previous Daily Low	0.9636
Previous Weekly High	1.0051
Previous Weekly Low	0.9668
Previous Monthly High	1.0369
Previous Monthly Low	0.9901
Daily Fibonacci 38.2%	0.9747
Daily Fibonacci 61.8%	0.9705
Daily Pivot Point S1	0.9696
Daily Pivot Point S2	0.9576
Daily Pivot Point S3	0.9515
Daily Pivot Point R1	0.9876
Daily Pivot Point R2	0.9936
Daily Pivot Point R3	1.0056

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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