EUR/USD Price Analysis: Snaps three-day uptrend, 0.9985 in the spotlight

EUR/USD takes offers to refresh intraday low, extends pullback from weekly high.
Impending bear cross on MACD, RSI retreat favor sellers.
Convergence of 200-HMA, support line of weekly triangle appears tough nut to crack for sellers.
Buyers need to cross 1.0090 to retake control.

Anil Panchal FXStreet

EUR/USD bears return after a three-day absence as the quote renews its intraday low near 1.0030 during Thursday’s Asian session.

In doing so, the major currency pair retreats inside a one-week-old symmetrical triangle amid downbeat oscillators.

That said, the MACD teases bears and the recent weakness in the RSI (14) keeps EUR/USD bears hopeful.

However, the 1.0000 psychological magnet will precede the 0.9985 support confluence, including the 200-HMA and support line of the stated triangle, to restrict the short-term downside of the pair.

In a case where the EUR/USD remains weak past 0.9985, a south-run towards the monthly low of 0.9900, marked the last week, can’t be ruled out.

Meanwhile, recovery moves may initially aim for the 50% Fibonacci retracement level of August 18-23 downside, near 1.0050.

Following that, the triangle’s upper line and the 61.8% gold ratio, respectively around 1.0080 and 1.0090, could challenge the EUR/USD buyers.

It’s worth noting that the 1.0100 threshold could act as an extra upside filter to challenge the pair’s buyers before giving them control.

EUR/USD: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.0038
Today Daily Change	-0.0015
Today Daily Change %	-0.15%
Today daily open	1.0053

Trends
Daily SMA20	1.0111
Daily SMA50	1.0195
Daily SMA100	1.0405
Daily SMA200	1.0809

Levels
Previous Daily High	1.0079
Previous Daily Low	0.9971
Previous Weekly High	1.009
Previous Weekly Low	0.9901
Previous Monthly High	1.0369
Previous Monthly Low	0.9901
Daily Fibonacci 38.2%	1.0038
Daily Fibonacci 61.8%	1.0013
Daily Pivot Point S1	0.999
Daily Pivot Point S2	0.9927
Daily Pivot Point S3	0.9882
Daily Pivot Point R1	1.0098
Daily Pivot Point R2	1.0142
Daily Pivot Point R3	1.0205

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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