EUR/USD Price Analysis: Further upside hinges on 1.1670 breakout

EUR/USD bulls take a breather following six-day uptrend.
Bullish MACD, 21-DMA cross keeps buyers hopeful to overcome two-month-old upside hurdle.
23.6% Fibonacci retracement adds strength to the downside support.

Anil Panchal FXStreet

EUR/USD remains sidelined below the 1.1670 key hurdle, around 1.1650 during the initial Asian session on Thursday. The currency major pair poked the crucial horizontal resistance during the early week but failed to provide a follow-though on Wednesday.

Even so, bullish MACD signals and a clear run-up beyond 21-DMA, as well as 23.6% Fibonacci retracement (Fibo.) of July-October upside, near 1.1615, favor the buyers to aim for further advances.

However, a daily closing beyond 1.1670, comprising August lows, becomes necessary. Also adding to the upside filter is the September 22 swing bottom around 1.1685 and 50% Fibo. level near 1.1715.

Should the quote manage to clear the 1.1715 resistance, the late September high near 1.1755 will return to the chart.

Meanwhile, pullback moves remain less problematic until staying beyond 1.1615 support confluence.

Following that, the 1.1600 and 1.1550 may entertain EUR/USD bears before dragging them to the yearly bottom near 1.1525.

EUR/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.1649
Today Daily Change	0.0015
Today Daily Change %	0.13%
Today daily open	1.1634

Trends
Daily SMA20	1.1616
Daily SMA50	1.1714
Daily SMA100	1.1812
Daily SMA200	1.1926

Levels
Previous Daily High	1.167
Previous Daily Low	1.1608
Previous Weekly High	1.1624
Previous Weekly Low	1.1524
Previous Monthly High	1.1909
Previous Monthly Low	1.1563
Daily Fibonacci 38.2%	1.1646
Daily Fibonacci 61.8%	1.1632
Daily Pivot Point S1	1.1605
Daily Pivot Point S2	1.1576
Daily Pivot Point S3	1.1544
Daily Pivot Point R1	1.1666
Daily Pivot Point R2	1.1698
Daily Pivot Point R3	1.1727

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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