EUR/USD Price Analysis: Downside alleviated above 1.0155

EUR/USD reverses three daily gains in a row on Monday.
There is an initial resistance at the 7-month line near 1.0160.

Pablo Piovano FXStreet

EUR/USD comes under some selling pressure and deflates below the parity region at the beginning of the week.

The pair seems to have embarked on a consolidative range ahead of the key FOMC event on Wednesday. Immediately to the upside comes the interim 55-day SMA at 1.0101 ahead of the key 7-month resistance line, today near 1.0160. A move beyond the latter is needed to mitigate the downside pressure and allow spot to confront the September high at 1.0197 (September 12) ahead of potential extra gains.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0722.

EUR/USD daily chart

EUR/USD

Overview
Today last price	0.9993
Today Daily Change	64
Today Daily Change %	-0.24
Today daily open	1.0017

Trends
Daily SMA20	0.9987
Daily SMA50	1.0098
Daily SMA100	1.0318
Daily SMA200	1.0731

Levels
Previous Daily High	1.0037
Previous Daily Low	0.9945
Previous Weekly High	1.0198
Previous Weekly Low	0.9945
Previous Monthly High	1.0369
Previous Monthly Low	0.9901
Daily Fibonacci 38.2%	1.0002
Daily Fibonacci 61.8%	0.998
Daily Pivot Point S1	0.9963
Daily Pivot Point S2	0.9908
Daily Pivot Point S3	0.9871
Daily Pivot Point R1	1.0054
Daily Pivot Point R2	1.0091
Daily Pivot Point R3	1.0146

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.

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