EUR/USD Price Analysis: Stays inside familiar range surrounding 0.9700


  • EUR/USD remains sidelined in an immediate 70-pip trading region.
  • Sluggish MACD, RSI also back sideways performance between three-week-old horizontal support and descending resistance line from October 06.
  • Bears have a comparatively smoother road to return than buyers.

EUR/USD treads water around 0.9700, staying inside a familiar 70-pip trading range during Thursday’s Asian session. In doing so, the major currency pair portrays the typical pre-data trading lull ahead of the US Consumer Price Index (CPI) data for September.

That said, a three-week-old horizontal line restricts the EUR/USD pair’s immediate downside around 0.9670 while a one-week-long descending trend line joins the 23.6% Fibonacci retracement level of the August-September downside, near 0.9740 to challenge buyers.

It’s worth noting that the RSI (14) and the MACD also portray sluggish markets and hence it all depends upon the scheduled US inflation data.

Even so, the EUR/USD bears might have a quick fall towards the yearly low of 0.9537 on breaking 0.9670 support, which appears smoother than the likely hardships for buyers due to multiple hurdles in the north.

If the quote remains weak past 0.9670, the 61.8% Fibonacci Expansion (FE) of the August-October moves, near 0.9480, will be in focus.

Alternatively, an upside clearance of the 0.9740 hurdle will need validation from the recent swing high near 0.9775 to convince buyers.

Following that, the 38.2% Fibonacci retracement level of 0.9853 and the monthly high near the parity could challenge the EUR/USD pair buyers.

EUR/USD: Four-hour chart

Trend: Sideways

Additional important levels

Overview
Today last price 0.9705
Today Daily Change 0.0002
Today Daily Change % 0.02%
Today daily open 0.9703
 
Trends
Daily SMA20 0.9813
Daily SMA50 0.9967
Daily SMA100 1.0181
Daily SMA200 1.0594
 
Levels
Previous Daily High 0.9735
Previous Daily Low 0.9668
Previous Weekly High 1
Previous Weekly Low 0.9726
Previous Monthly High 1.0198
Previous Monthly Low 0.9536
Daily Fibonacci 38.2% 0.9694
Daily Fibonacci 61.8% 0.9709
Daily Pivot Point S1 0.9669
Daily Pivot Point S2 0.9635
Daily Pivot Point S3 0.9602
Daily Pivot Point R1 0.9736
Daily Pivot Point R2 0.9769
Daily Pivot Point R3 0.9803

 

 

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