EURUSD Price Analysis: Treads water around 1.0370 key resistance

EURUSD remains sidelined after reversing from a six-month-old horizontal hurdle.
RSI’s retreat from overbought territory strengthens bearish bias.
200-DMA adds to the upside filters, sellers aim for September’s high.

Anil Panchal FXStreet

EURUSD steadies around 1.0320 heading into Tuesday’s European session, keeping the week-start pullback from the key horizontal resistance. In doing so, the major currency pair seesaws around the highest levels in three months, marked the last Friday, amid bullish MACD signals.

Given the RSI’s retreat from the overbought territory, as well as the pair’s U-turn from an important resistance comprising multiple levels marked since May, around 1.0370, the EURUSD bears are likely to keep the reins.

That said, the quote’s latest weakness aims for September’s peak of 1.0200 before revisiting the 100-DMA support level surrounding 1.0030.

In a case where the EURUSD price remains weak past 1.0030, the 1.0000 parity level could challenge the downside momentum.

On the contrary, recovery moves need to provide a daily closing beyond 1.0370 to convince the EURUSD buyers.

Even so, the 200-DMA resistance near 1.0430 will be crucial to challenge the pair’s further upside.

Should the EURUSD bulls remain in the driver’s seat past 1.0430, the late June swing low near 1.0615 will be in focus.

Overall, EURUSD remains on the bear’s radar, despite the latest inaction, unless crossing the 200-DMA.

EURUSD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.0321
Today Daily Change	-0.0008
Today Daily Change %	-0.08%
Today daily open	1.0329

Trends
Daily SMA20	0.997
Daily SMA50	0.9901
Daily SMA100	1.003
Daily SMA200	1.0435

Levels
Previous Daily High	1.0359
Previous Daily Low	1.0272
Previous Weekly High	1.0364
Previous Weekly Low	0.9903
Previous Monthly High	1.0094
Previous Monthly Low	0.9632
Daily Fibonacci 38.2%	1.0305
Daily Fibonacci 61.8%	1.0325
Daily Pivot Point S1	1.0281
Daily Pivot Point S2	1.0232
Daily Pivot Point S3	1.0194
Daily Pivot Point R1	1.0368
Daily Pivot Point R2	1.0407
Daily Pivot Point R3	1.0455

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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