EUR/USD Price Analysis: Retreats from two-month-old resistance towards 1.0200

EUR/USD takes offers to refresh intraday low, pares the biggest daily gains in more than a week.
RSI pullback, presence of multiple resistance challenge buyers.
Three-week-old ascending trend line restricts immediate downside.

Anil Panchal FXStreet

EUR/USD renews intraday low around 1.0235 as it takes a U-turn from the key resistance line during Friday’s Asian session.

In doing so, the major currency pair also tracks a retreat of the RSI (14), as well as portrays the markets’ cautious mood ahead of the US Nonfarm Payrolls (NFP) data for July.

With this, the EUR/USD prices are likely to witness further downside towards the 1.0200 threshold before the 23.6% Fibonacci retracement level of the June-July downturn challenges the bears around 1.0145.

However, an upward sloping support line from July 18, close to 1.0125 at the latest, could challenge the pair bears afterward, if not then the parity level and the recent low near 0.9950 will be in focus.

Alternatively, an upside break of the aforementioned resistance line, near 1.0250 by the press time, will jostle with the 1.0265-70 resistance confluence including the 38.2% Fibonacci retracement level and the 200-SMA.

It’s worth noting that, the EUR/USD run-up beyond 1.0270 needs validation from the monthly horizontal resistance area, around 1.0280 to give control to the bulls.

EUR/USD: Four-hour chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	1.0235
Today Daily Change	-0.0011
Today Daily Change %	-0.11%
Today daily open	1.0246

Trends
Daily SMA20	1.0161
Daily SMA50	1.0387
Daily SMA100	1.0571
Daily SMA200	1.0936

Levels
Previous Daily High	1.0254
Previous Daily Low	1.0154
Previous Weekly High	1.0258
Previous Weekly Low	1.0097
Previous Monthly High	1.0486
Previous Monthly Low	0.9952
Daily Fibonacci 38.2%	1.0216
Daily Fibonacci 61.8%	1.0192
Daily Pivot Point S1	1.0182
Daily Pivot Point S2	1.0119
Daily Pivot Point S3	1.0083
Daily Pivot Point R1	1.0281
Daily Pivot Point R2	1.0317
Daily Pivot Point R3	1.0381

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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