The EUR/USD pair, trading at a rate of 1.10094, is struggling to maintain momentum amidst a week filled with significant economic events.
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- EUR/USD loses traction in the busy economic calendar week.
The pair currently trades last at 1.10094.
The previous day high was 1.1048 while the previous day low was 1.0944. The daily 38.2% Fib levels comes at 1.1008, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0983, expected to provide support.
The EUR/USD pair loses momentum and remains on the defensive above the 1.1000 area during the early Asian trading hours on Monday. The major pair drops for two consecutive weeks after retreating from Year-to-date (YTD) highs. EUR/USD currently trades around 1.1015, losing 0.02% for the day. Market players await the economic data from the Eurozone, while the US Nonfarm Payrolls later this week will be the key event and could spark volatility in the FX market.
According to the one-hour chart, the major pair holds below the 50- and 100-day Exponential Moving Averages (EMAs), implying the path of least resistance for the EUR/USD is to the downside. Adding to this, the Relative Strength Index (RSI) stands below 50, supporting EUR/USD buyers for now.
The immediate resistance level for EUR/USD appears at 1.1045 (High of July 28). Further north, the pair will challenge the next hurdle at 1.1055, representing the upper boundary of the Bollinger Band.
Any meaningful follow-through buying beyond the latter could pave the way to the next barrier at the 1.1100–1.1110 zone, highlighting an intersection of a psychological round mark and a high of July 26. The additional upside filter is located at 1.1250 (High of July 27).
On the downside, EUR/USD will meet an initial support level at 1.1000 (a psychological round figure) en route to 1.0965 (a lower limit of the Bollinger Band). A decisive break below the latter would fuel a drop towards 1.0940 (Low of July 10).
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.1011 at the time of writing. Pair opened at 1.1018 and is trading with a change of -0.06 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.1011 |
| 1 | Today Daily Change | -0.0007 |
| 2 | Today Daily Change % | -0.0600 |
| 3 | Today daily open | 1.1018 |
The pair is trading below its 20 Daily moving average @ 1.1061, above its 50 Daily moving average @ 1.0915 , above its 100 Daily moving average @ 1.0905 and above its 200 Daily moving average @ 1.0719
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.1061 |
| 1 | Daily SMA50 | 1.0915 |
| 2 | Daily SMA100 | 1.0905 |
| 3 | Daily SMA200 | 1.0719 |
The previous day high was 1.1048 while the previous day low was 1.0944. The daily 38.2% Fib levels comes at 1.1008, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0983, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0958, 1.0899, 1.0854
- Pivot resistance is noted at 1.1062, 1.1107, 1.1166
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.1048 |
| Previous Daily Low | 1.0944 |
| Previous Weekly High | 1.1150 |
| Previous Weekly Low | 1.0944 |
| Previous Monthly High | 1.1012 |
| Previous Monthly Low | 1.0662 |
| Daily Fibonacci 38.2% | 1.1008 |
| Daily Fibonacci 61.8% | 1.0983 |
| Daily Pivot Point S1 | 1.0958 |
| Daily Pivot Point S2 | 1.0899 |
| Daily Pivot Point S3 | 1.0854 |
| Daily Pivot Point R1 | 1.1062 |
| Daily Pivot Point R2 | 1.1107 |
| Daily Pivot Point R3 | 1.1166 |
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