• EUR/USD consolidates the biggest daily gains in six months, retreats after crossing the 0.9600 previous key hurdle.
  • Convergence of 50-SMA, support-turned-resistance from late August probes buyers.
  • Firmer RSI, bullish MACD signals join clear upside break of 0.9600 to test sellers.
  • 21-SMA, weekly support line adds to the downside filters.

EUR/USD takes offers to refresh intraday low around 0.9700 while paring the previous day’s bounce off a 20-year low during Thursday’s Asian session.

In doing so, the major currency pair also trims the biggest daily jump since March while reversing the breakout of the 0.9600 hurdle comprising the 21-SMA and a one-week-old descending trend line.

It should, however, be noted that the bullish MACD signals and the firmer RSI (14) keep the buyers hopeful. That said, the 21-SMA, currently around 0.9640 offers immediate support ahead of the resistance-turned-support line near the 0.9600 threshold.

Even if the EUR/USD prices drop below the 0.9600 support, a downward sloping trend line from Monday, around 0.9530 by the press time, could challenge the pair’s further declines.

On the flip side, the latest swing high near 0.9750 holds the key to EUR/USD buyers’ welcome.

Following that, a convergence of the downward sloping trend line from August 23 and the 50-SMA, around 0.9800 at the latest, could challenge the pair bulls.

In a case where the quote rises past 0.9800, the odds of witnessing the run-up towards the parity can’t be ruled out.

EUR/USD: Four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 0.9703
Today Daily Change -0.0032
Today Daily Change % -0.33%
Today daily open 0.9735
 
Trends
Daily SMA20 0.9908
Daily SMA50 1.0048
Daily SMA100 1.0257
Daily SMA200 1.067
 
Levels
Previous Daily High 0.9751
Previous Daily Low 0.9536
Previous Weekly High 1.0051
Previous Weekly Low 0.9668
Previous Monthly High 1.0369
Previous Monthly Low 0.9901
Daily Fibonacci 38.2% 0.9669
Daily Fibonacci 61.8% 0.9618
Daily Pivot Point S1 0.9596
Daily Pivot Point S2 0.9458
Daily Pivot Point S3 0.9381
Daily Pivot Point R1 0.9812
Daily Pivot Point R2 0.9889
Daily Pivot Point R3 1.0027

 

 

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