EUR/USD Price Analysis: Further range bound in store near term

EUR/USD regains composure and surpasses the parity level.
Extra consolidation appears favoured for the time being.

Pablo Piovano FXStreet

EUR/USD fades part of Thursday’s strong sell-off and manages to regain the area above the key parity level at the end of the week.

Further consolidation looks the most likely scenario in EUR/USD in the near term at least, always within the 1.0100-0.9900 range and ahead of the key ECB and FOMC events later in the month.

The breakout of the weekly high at 1.0090 (August 26) could spark further gains to 1.0202 (August17 high). Alternatively, the 0.9900 neighbourhood is expected to hold the bearish impulse for the time being.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0794.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0006
Today Daily Change	87
Today Daily Change %	0.60
Today daily open	0.9946

Trends
Daily SMA20	1.0096
Daily SMA50	1.0184
Daily SMA100	1.0396
Daily SMA200	1.0803

Levels
Previous Daily High	1.0059
Previous Daily Low	0.9911
Previous Weekly High	1.009
Previous Weekly Low	0.9901
Previous Monthly High	1.0369
Previous Monthly Low	0.9901
Daily Fibonacci 38.2%	0.9968
Daily Fibonacci 61.8%	1.0003
Daily Pivot Point S1	0.9885
Daily Pivot Point S2	0.9824
Daily Pivot Point S3	0.9736
Daily Pivot Point R1	1.0033
Daily Pivot Point R2	1.0121
Daily Pivot Point R3	1.0182

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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