EUR/USD Price Analysis: Prints six-day uptrend to refresh monthly top towards 1.1900

EUR/USD remains on the front foot near the last month’s peak after five-day rally.
Clear break of 10-week-old trend line, bullish MACD favor buyers.
50% Fibonacci retracement, 200-DMA will be tough nuts to crack for the bull.
50-DMA, 23.6% Fibo convergence acts as extra support.

Anil Panchal FXStreet

EUR/USD stays firmer for the sixth consecutive day while rising to the fresh monthly high of 1.1878 during Friday’s Asian session.

The currency major pair crossed a downward sloping trend line from June 25 the previous day to rise to the highest levels last seen on August 04.

With the bullish MACD conditions joining the trend line breakout, EUR/USD prices are likely to remain firmer towards July’s peak of 1.1908.

However, the quote’s further upside will be challenged by the 50% Fibonacci retracement (Fibo) level of the May-August downside, around 1.1965, as well as the 200-DMA level of 1.2005.

Alternatively, pullback moves will aim for the resistance-turned-support retest, near 1.1845, a break of which will be challenged by a confluence of 50-DMA and 23.6% Fibo near 1.1805.

The 1.1800 round figure adds to the downside filters for the EUR/USD traders before August 11 swing lows near 1.1700 and the yearly bottom surrounding 1.1665.

EUR/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.1877
Today Daily Change	0.0002
Today Daily Change %	0.02%
Today daily open	1.1875

Trends
Daily SMA20	1.176
Daily SMA50	1.1807
Daily SMA100	1.1952
Daily SMA200	1.2005

Levels
Previous Daily High	1.1876
Previous Daily Low	1.1834
Previous Weekly High	1.1802
Previous Weekly Low	1.1693
Previous Monthly High	1.19
Previous Monthly Low	1.1664
Daily Fibonacci 38.2%	1.186
Daily Fibonacci 61.8%	1.185
Daily Pivot Point S1	1.1847
Daily Pivot Point S2	1.182
Daily Pivot Point S3	1.1806
Daily Pivot Point R1	1.1889
Daily Pivot Point R2	1.1904
Daily Pivot Point R3	1.1931

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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