EUR/USD Price Analysis: Pullback remains elusive beyond 1.0280 resistance-turned-support

EUR/USD remains indecisive after retreating from five-week high.
Monthly horizontal line challenges pullback from 50% Fibonacci retracement of June-July downside.
Buyers have a comparatively smoother road to journey than the one signaled for bear’s return.

Anil Panchal FXStreet

EUR/USD treads water around 1.0300, after refreshing the monthly high, during Thursday’s initial Tokyo session. In doing so, the major currency pair struggles to extend the previous pullback from the 50% Fibonacci retracement of a downturn between June and July.

That said, bullish MACD signals and the quote’s sustained trading beyond the previous horizontal resistance line from early July, around 1.0280, keep EUR/USD buyers hopeful.

Even if the quote drops below 1.0280, the 200-SMA and a downward sloping trend line from early June, respectively near 1.0230 and 1.0205, could challenge the pair sellers.

It’s worth noting that a four-week-long support line of around 1.0180 acts as the last defense for the EUR/USD buyers.

Meanwhile, the pair’s fresh run-up could aim for the aforementioned key Fibonacci retracement level near 1.0365.

Following that, a run-up towards the 61.8% Fibonacci retracement and the late June swing high, surrounding 1.0460 and 1.0490 in that order, could lure the EUR/USD bulls.

Overall, EUR/USD is likely to remain on the bull’s radar until staying beyond 1.0180.

EUR/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.0301
Today Daily Change	0.0001
Today Daily Change %	0.01%
Today daily open	1.03

Trends
Daily SMA20	1.0188
Daily SMA50	1.0346
Daily SMA100	1.0539
Daily SMA200	1.0909

Levels
Previous Daily High	1.0369
Previous Daily Low	1.0202
Previous Weekly High	1.0294
Previous Weekly Low	1.0123
Previous Monthly High	1.0486
Previous Monthly Low	0.9952
Daily Fibonacci 38.2%	1.0305
Daily Fibonacci 61.8%	1.0266
Daily Pivot Point S1	1.0212
Daily Pivot Point S2	1.0124
Daily Pivot Point S3	1.0045
Daily Pivot Point R1	1.0378
Daily Pivot Point R2	1.0457
Daily Pivot Point R3	1.0545

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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