EUR/USD Price Analysis: On the way to 1.1920 resistance confluence


  • EUR/USD edges higher around three-week top after four-day uptrend.
  • Sustained break of six-week-long resistance line, bullish MACD favor buyers.
  • Convergence of 200-day EMA, 61.8% Fibonacci retracement guards immediate upside.

EUR/USD bulls brace for breaking the immediate trading range surrounding 1.1900, also refresh the highest levels since July 06, during early Friday morning in Asia.

In doing so, the major currency pair stays positive for the fifth day in a row while keeping the previous day’s upside break of a descending trend line from June 17.

With the bullish MACD signals backing the resistance breakout, now support, EUR/USD buyers are on the way to battle joint of 200-day EMA and 61.8% Fibonacci retracement (Fibo.) of late March-May upside, near 1.1920.

However, a daily closing beyond 1.1920 could propel the quote’s north-run targeting the 1.1985 hurdle, comprising May’s low and 50% Fibo.

Meanwhile, pullback moves should stay beyond the previous resistance line near 1.1850 to reject short-term EUR/USD bears.

Following that, the monthly low and the yearly bottom, respectively around 1.1750 and 1.1700 will be in focus.

EUR/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 1.1887
Today Daily Change 0.0043
Today Daily Change % 0.36%
Today daily open 1.1844
 
Trends
Daily SMA20 1.1819
Daily SMA50 1.1979
Daily SMA100 1.1975
Daily SMA200 1.2008
 
Levels
Previous Daily High 1.185
Previous Daily Low 1.1772
Previous Weekly High 1.183
Previous Weekly Low 1.1752
Previous Monthly High 1.2254
Previous Monthly Low 1.1845
Daily Fibonacci 38.2% 1.182
Daily Fibonacci 61.8% 1.1802
Daily Pivot Point S1 1.1795
Daily Pivot Point S2 1.1745
Daily Pivot Point S3 1.1717
Daily Pivot Point R1 1.1872
Daily Pivot Point R2 1.1899
Daily Pivot Point R3 1.1949

 

 

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