EUR/USD Price Analysis: Upside bias alleviated below 1.0800

EUR/USD keeps the inconclusive price action well in place.
Further weakness could retest the 55-day and 100-day SMAs.

Pablo Piovano FXStreet

EUR/USD keeps the range bound theme in place above 1.0900 on Wednesday.

Despite the current inconclusive price action, further gains remain well on the table for the time being. That said, the pair needs to surpass the monthly high at 1.0970 (June 16) ideally in the very near term to allow for a potential test of the psychological 1.1000 mark.

The inability to advance in a convincing fashion in the next sessions could spark a corrective move to, initially, the 55-day SMA at 1.0881 prior to the 100-day SMA at 1.0806. The loss of the latter should alleviate the pair’s upside pressure.

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0554.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0914
Today Daily Change	28
Today Daily Change %	-0.04
Today daily open	1.0918

Trends
Daily SMA20	1.0777
Daily SMA50	1.088
Daily SMA100	1.0808
Daily SMA200	1.0551

Levels
Previous Daily High	1.0946
Previous Daily Low	1.0893
Previous Weekly High	1.0971
Previous Weekly Low	1.0733
Previous Monthly High	1.1092
Previous Monthly Low	1.0635
Daily Fibonacci 38.2%	1.0913
Daily Fibonacci 61.8%	1.0926
Daily Pivot Point S1	1.0892
Daily Pivot Point S2	1.0865
Daily Pivot Point S3	1.0838
Daily Pivot Point R1	1.0945
Daily Pivot Point R2	1.0972
Daily Pivot Point R3	1.0999

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

AUD/USD consolidates above 0.7000; remains close to monthly top

AUD/USD holds steady above 0.7000 during the Asian session on Friday, trading just below the previous day's monthly low amid diverging forces. A hawkish RBA continues to support the Aussie, while the recent decline in US bond yields keeps the US Dollar depressed near a three-week low. However, oil-driven inflation fears reinforce Fed hike bets, which, along with geopolitical risks, could benefit the safe-haven buck and cap the currency pair.

USD/JPY bounces off one-month low; climbs to 157.00 amid reviving USD demand

USD/JPY rebounds from the 156.00 neighborhood, or a one-month low touched during Friday’s Asian session, with bulls looking to extend momentum beyond 157.00 amid the emergence of some US Dollar buying. Meanwhile, Japan's National CPI rose to a nine-month peak and reaffirmed BoJ rate-hike bets, which could support the Japanese Yen and cap gains for the currency pair.

Gold holds above $4,000/three-month low as Fed hike bets and firm USD cap upside

Gold struggles to capitalize on its modest recovery from levels below the $4,000 psychological mark, or a three-month low set earlier this Friday, and retains a bearish tone through the first half of the European session. Federal Reserve officials recently signaled there is no urgency to raise interest rates. Traders, however, are still pricing in around an 80% chance that the US central bank will raise borrowing costs again at its December policy meeting.

Bitcoin, Ethereum, and Ripple rebound as major support levels cap recent sell-off

Bitcoin, Ethereum and Ripple rebound modestly on Friday after correcting and testing their key support zone the previous day. BTC holds the 50-day EMA, ETH finds support around the 100-day EMA, while XRP holds the horizontal floor near $1.300. The price action of these top three cryptocurrencies suggests a recovery if this critical support zone holds; a decisive close below these levels suggests a deeper correction.

US S&P Global PMI expected to show moderating business activity in October

The United States S&P Global preliminary Purchasing Managers Indices for October will be released on Friday, providing fresh insights into the health of the world's largest economy ahead of next week's Federal Reserve monetary policy meeting. The report includes the Manufacturing PMI, Services PMI and Composite PMI, which measure business activity across the private sector.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.