EUR/USD Price Analysis: Further consolidation looks likely near-term

EUR/USD reverses the initial optimism and fades the move to 1.1870.
The pair met solid support in the vicinity of 1.1740 (Thursday).

Pablo Piovano FXStreet

EUR/USD alternates gains with losses on Friday, now dropping to the negative territory after the failed attempt to advance beyond daily highs near 1.1870.

Next on the upside appears the 1.19 neighbourhood. If cleared, it could pave the wave for an initial test of recent peaks near 1.1920 ahead of the August top at 1.1965. On the flip side, the 1.1740 region, or monthly lows, remains the magnet for sellers ahead of the more relevant contention zone around 1.17, where converge late August lows and a Fibo level (of the 2017-2018 rally). The 55-day SMA, today at 1.1713, also reinforces this critical juncture.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1220.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1841
Today Daily Change	33
Today Daily Change %	-0.06
Today daily open	1.1848

Trends
Daily SMA20	1.184
Daily SMA50	1.1745
Daily SMA100	1.1429
Daily SMA200	1.1219

Levels
Previous Daily High	1.1852
Previous Daily Low	1.1738
Previous Weekly High	1.1918
Previous Weekly Low	1.1753
Previous Monthly High	1.1966
Previous Monthly Low	1.1696
Daily Fibonacci 38.2%	1.1809
Daily Fibonacci 61.8%	1.1781
Daily Pivot Point S1	1.1773
Daily Pivot Point S2	1.1698
Daily Pivot Point S3	1.1658
Daily Pivot Point R1	1.1888
Daily Pivot Point R2	1.1928
Daily Pivot Point R3	1.2003

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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