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Euro news today - On Friday, the EUR/USD currency pair was seen in a consolidation phase after experiencing a significant increase in the previous session. The currency pair reached a two-week high and moved in a narrow trading range throughout the Asian session. Currently, the spot price of EUR/USD is trading around the level of 1.0775-1.0780. It can be seen that the currency pair is ready to rebuild the upward movement after experiencing a rebound from the lowest level since March 20 reached last week, which is around the level of 1.0635. The sharp increase overnight in the EUR/USD currency pair confirmed a breakout through the confluence level around 1.0745. This level consists of the 100-period Simple Moving Average (SMA), the 23.6% Fibonacci retracement level of the decline that occurred in May, and a short-term descending trendline. A breakout through this level supports the bullish view for traders and increases the prospects for further short-term appreciation. However, technical indicators on the daily chart - although they have recovered from negative territory - have not yet confirmed the bullish outlook unequivocally. Hence, any subsequent up-move is likely to face some resistance near the 1.0800 round-figure level, which also represents the 38.2% Fibonacci retracement level. In case of follow-through buying, the EUR/USD pair could witness additional gains and reach the next hurdle around the 1.0860 region. This level includes the 200-period Simple Moving Average (SMA) on the 4-hour chart and the 50% Fibonacci retracement level. If the pair is able to break through this level decisively, it will suggest that the recent pullback from over one-year highs reached in May has run its course. The spot price is likely to move towards the 1.0900 round-figure level and test the 61.8% Fibonacci retracement level around the 1.0915-1.0920 zone. On the other hand, a break of the resistance at the 1.0750-1.0745 confluence now seems to provide some protection on the downside, with immediate support around the 1.0700 mark. Further, there is an ascending trendline forming and currently located around the 1.0680 region. If the EUR/USD pair manages to break this trendline, it could fall back towards the May monthly swing low, around the 1.0635 area. A follow-through selling would provide fresh impetus for the bearish traders and could drag the spot price below the 1.0600 mark. On the way there, the EUR/USD pair could test the intermediate support level around 1.0540-1.0535, before reaching the psychological 1.0500 mark.
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Warning!
This analysis is based on fundamental and technical views from trusted sources, not advice or invitation. Always remember that this content is intended to enrich the reader's information. Always use independent research first regarding other forex information to be used as a reference in your trading.
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