EUR/USD Price Analysis: Sellers find some respite near 1.1580

EUR/USD remains muted in the early Asian session on Friday.
The pair remains pressured below 1.1600 following the USD strength.
Momentum oscillator throws caution before placing aggressive bids.

Rekha Chauhan Independent Analyst

EUR/USD seems to be consolidating some losses on Friday morning. The pair moves in a very narrow trade band with a downside risk ahead of the eurozone PMI data. At the time of writing, EUR/USD is trading at 1.1579, down 0.01% for the day.

EUR/USD daily chart

On the daily chart, the EUR/USD pair has come under renewed selling pressure after testing the highs near 1.1900 since the beginning of the September series (September 3). The pair ended the month breaking below the yearly lows around 1.1600 on this Wednesday. Now, If the price sustains the session’s low at 1.1579, it could test the previous day’s high at 1.1609 as the first upside target.

The Moving Average Convergence Divergence (MACD) indicator offers potential for more upside as it remains in the oversold zone with stretched selling conditions. Any uptick in the MACD would amplify the buying toward the 1.1665 horizontal resistance level followed by the psychological 1.1700 mark.

EUR/USD weekly chart

Alternatively, if the price reverses direction, the EUR/USD bears would once again dominate the trend with their eyes on the previous session’s low of 1.1562. The price action would then target the weekly lows of July 24, 2020 at 1.1402.

EUR/USD additional levels

Overview
Today last price	1.158
Today Daily Change	-0.0018
Today Daily Change %	-0.16
Today daily open	1.1598

Trends
Daily SMA20	1.1771
Daily SMA50	1.1778
Daily SMA100	1.1895
Daily SMA200	1.1971

Levels
Previous Daily High	1.169
Previous Daily Low	1.1589
Previous Weekly High	1.1756
Previous Weekly Low	1.1684
Previous Monthly High	1.19
Previous Monthly Low	1.1664
Daily Fibonacci 38.2%	1.1628
Daily Fibonacci 61.8%	1.1652
Daily Pivot Point S1	1.1561
Daily Pivot Point S2	1.1525
Daily Pivot Point S3	1.1461
Daily Pivot Point R1	1.1662
Daily Pivot Point R2	1.1726
Daily Pivot Point R3	1.1763

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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