EUR/USD Price Analysis: Next on the upside emerges the 2023 peak

EUR/USD leaves behind initial losses and approaches 1.1000.
Further gains are seen targeting the 2023 peak near 1.1070.

Pablo Piovano FXStreet

EUR/USD adds to Thursday’s advance and trades at shouting distance from the key 1.1000 mark.

Further consolidation should not be ruled out for the time being. The breakout of this theme exposes a probable move to 1.1000 ahead of the 2023 high at 1.1075 (April 14). On the downside, the 1.0900 zone emerges as quite a decent contention so far.

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0391.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0988
Today Daily Change	56
Today Daily Change %	0.16
Today daily open	1.097

Trends
Daily SMA20	1.091
Daily SMA50	1.0761
Daily SMA100	1.0732
Daily SMA200	1.0389

Levels
Previous Daily High	1.099
Previous Daily Low	1.0934
Previous Weekly High	1.1076
Previous Weekly Low	1.0837
Previous Monthly High	1.093
Previous Monthly Low	1.0516
Daily Fibonacci 38.2%	1.0968
Daily Fibonacci 61.8%	1.0955
Daily Pivot Point S1	1.0939
Daily Pivot Point S2	1.0908
Daily Pivot Point S3	1.0883
Daily Pivot Point R1	1.0995
Daily Pivot Point R2	1.1021
Daily Pivot Point R3	1.1052

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD extends gains toward 1.1700, eyes US PCE for fresh impetus

EUR/USD extends gains toward 1.1700 in European trading on Friday, revisiting seven-week highs. The pair continues to benefit from persistent US Dollar selling bias, despite a cautious market mood. Traders await the US September PCE inflation and UoM Consumer Sentiment data for fresh impetus.

GBP/USD holds gains near 1.3350 ahead of US data

GBP/USD sticks to a positive bias near 1.3350 in the European session on Friday. Traders prefer to wait on the sidelines ahead of the key US inflation and sentiment data due later in the day. In the meantime, broad-based US Dollar weakness keeps the pair underpinned.

Gold holds firm below $4,250, awaits US PCE inflation data

Gold holds gains while below $4,250 in European trading on Friday. Traders now seem reluctant and opt to move to the sidelines ahead of the September PCE Price Index, the Federal Reserve's preferred inflation gauge.

Pi Network: Bearish streak nears critical support trendline

Pi Network edges lower on Friday for the third consecutive day, approaching a local support trendline. The on-chain data suggests an increase in supply pressure as Centralized Exchanges experience a surge in inflows. Technically, the pullback in PI risks further losses, as the Moving Average Convergence Divergence indicator is flashing a sell signal.

Canada Unemployment Rate expected to edge higher in November ahead of BoC rate decision

Statistics Canada will release its Labour Force Survey on Friday, and markets are bracing for a weak print. The Unemployment Rate is expected to tick higher to 7% in November, while the Employment Change is forecast to come in flat after a nice gain in October.

Pi Network Price Forecast: Bearish streak nears critical support trendline

Pi Network (PI) edges lower on Friday for the third consecutive day, approaching a local support trendline. The on-chain data suggests an increase in supply pressure as Centralized Exchanges (CEXs) experience a surge in inflows.