EUR/USD Price Analysis: Holds positive ground below the mid-1.0800s, a further upside looks favorable

Source Fxstreet
  • EUR/USD gains ground around 1.0845 amid a softer USD. 
  • The pair keeps the bullish bias unchanged above the key EMA; RSI indicator lies above the 50-midline. 
  • The first upside barrier will emerge at 1.0855; the key support level for EUR/USD is seen at the 1.0800–1.0855 zone.

The EUR/USD pair trades in positive territory below the mid-1.0800s during the early European session on Monday. The decline of the US Dollar (USD) after the downbeat US ISM Manufacturing PMI and the University of Michigan Consumer Sentiment Index provide some support to the pair. On Thursday, the European Central Bank (ECB) will announce its interest rate decision, with no change in rate expected. EUR/USD currently trades near 1.0845, gaining 0.07% on the day. 

Technically, EUR/USD maintains the bullish outlook unchanged as the major pair is above the key 100-period Exponential Moving Averages (EMA) on the four-hour timeframe. Furthermore, the upward momentum is supported by the Relative Strength Index (RSI), which stands in bullish territory above the 50-midline, suggesting a further upside cannot be ruled out in the near term. 

The immediate resistance level for the major pair will emerge at the upper boundary of the Bollinger Band and a high of February 29 at 1.0855. A bullish breakout above this level will see a rally to the 1.0895–1.0900 region, portraying a high of February 2 and I psychological round mark. Further north, the next upside target is seen at a high of January 8 at 1.0978. 

On the downside, the crucial support level for EUR/USD is located near the confluence of the lower limit of the Bollinger Band and a round figure at the 1.0800-1.0805 zone. The additional downside filter to watch is a low of February 20 at 1.0761, followed by a low of February 13 at 1.0700. 

EUR/USD four-hour chart 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
WTI Crude Oil Price Forecast: Could Oil Return Above $100 as US-Iran Conflict Escalates Further?As of the Asian session on September 8, WTI crude oil prices (USOIL) continued to fluctuate at high levels, with the latest price trading higher near $92.30, up 1.2% on the day after touc
Author  TradingKey
13 hours ago
As of the Asian session on September 8, WTI crude oil prices (USOIL) continued to fluctuate at high levels, with the latest price trading higher near $92.30, up 1.2% on the day after touc
placeholder
AUD/USD climbs for a fourth day to 0.7218 as Fed-hike bets fail to lift the dollar; RBA speakers and US CPI now in focusThe Australian dollar has risen for four straight sessions toward 0.72 even after August nonfarm payrolls far exceeded expectations and pushed September Fed-hike odds to 58.4%. A thin, holiday-thinned dollar is the short-term driver; Westpac confidence and RBA speakers today, US PPI/CPI this week and the Sept 15-16 FOMC will decide whether the rally holds.
Author  Irene Q.
16 hours ago
The Australian dollar has risen for four straight sessions toward 0.72 even after August nonfarm payrolls far exceeded expectations and pushed September Fed-hike odds to 58.4%. A thin, holiday-thinned dollar is the short-term driver; Westpac confidence and RBA speakers today, US PPI/CPI this week and the Sept 15-16 FOMC will decide whether the rally holds.
placeholder
Japanese Yen rallies to February 18 high as upbeat wage data and GDP lift BoJ hike betsThe USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.
Author  FXStreet
21 hours ago
The USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.
placeholder
Crude Oil Price Forecast: Escalating US-Iran Tanker Attacks and Strait of Hormuz Risks Push Brent to $120? International oil prices continued to climb on Monday, extending their strong performance from the previous week.As military confrontations between the U.S. and Iran heat up again in and
Author  TradingKey
Yesterday 10: 35
International oil prices continued to climb on Monday, extending their strong performance from the previous week.As military confrontations between the U.S. and Iran heat up again in and
placeholder
Hot August jobs report reignites Fed-hike bets; S&P 500 slips below 7,700 — what to watch before the September FOMCAugust nonfarm payrolls surged to 162,000, three times the consensus, pushing CME FedWatch odds of a September 25-bp hike to 58.4% and dragging the S&P 500 below 7,700. CPI, PPI and the Sept 15-16 FOMC decision now set the tone for US stocks.
Author  Irene Q.
Yesterday 06: 42
August nonfarm payrolls surged to 162,000, three times the consensus, pushing CME FedWatch odds of a September 25-bp hike to 58.4% and dragging the S&P 500 below 7,700. CPI, PPI and the Sept 15-16 FOMC decision now set the tone for US stocks.
Related Instrument
goTop
quote