EUR/USD Price analysis: Further upside hinges on 1.0200 breakout

EUR/USD remains sidelined after posting the bullish Doji candlestick the previous day.
21-DMA, bullish MACD signals favor recovery moves targeting 1.0200 resistance confluence.
Two-month-old descending trend line appears tough nut to crack for bulls.

Anil Panchal FXStreet

EUR/USD treads water as markets turn cautious ahead of the key data/events. Among them, Thursday’s European Central Bank’s (ECB) monthly economic bulletin and Friday’s US Nonfarm Payrolls (NFP) are the key events. That said, the Major currency pair seesaws around 1.0180 heading into Thursday‘s European session.

Also read: EUR/USD: Wednesday’s Doji, ECB Economic Bulletin teases buyers below 1.0200

It should be noted that the quote’s latest rebound takes clues from the bullish MACD signals and Wednesday Doji candlestick. Also supporting the EUR/USD rebound is the 21-DMA.

However, a convergence of the 10-DMA and previous support line from July 14, around 1.0200, Will be an important resistance for the EUR/USD buyers to retake control.

Even so, a downward sloping resistance line from early June, at 1.0250 by the press time, could challenge the pairs’ further advances.

Alternatively, the 21-DMA support level of 1.0157 restricts immediate support ahead of the 1.0100 mark, a break of which could quickly redirect the EUR/USD bears towards the yearly low near 0.9950.

It’s worth noting that the parity level near 1.0000 will act as an intermediate halt during the pair’s downside past 1.0100.

EUR/USD: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.0172
Today Daily Change	0.0006
Today Daily Change %	0.06%
Today daily open	1.0166

Trends
Daily SMA20	1.0157
Daily SMA50	1.0396
Daily SMA100	1.0579
Daily SMA200	1.0943

Levels
Previous Daily High	1.0211
Previous Daily Low	1.0123
Previous Weekly High	1.0258
Previous Weekly Low	1.0097
Previous Monthly High	1.0486
Previous Monthly Low	0.9952
Daily Fibonacci 38.2%	1.0177
Daily Fibonacci 61.8%	1.0156
Daily Pivot Point S1	1.0123
Daily Pivot Point S2	1.0079
Daily Pivot Point S3	1.0035
Daily Pivot Point R1	1.0211
Daily Pivot Point R2	1.0255
Daily Pivot Point R3	1.0298

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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