EUR/USD Price Analysis: Range-bound around 0.9900-0.9980, on traders in wait-and-see mode

• The shared currency extended its gains in the week, though closed below parity for the fourth consecutive day.
• EUR/USD rejection at parity sent the pair towards its daily lows before climbing towards 0.9970.

The EUR/USD begins the Asian session on the right foot, carrying on Thursday’s upbeat sentiment of the pair after posting gains of 0.11%. However, price action in the last week shows thin liquidity conditions, as traders remained on the sidelines until Fed’s Chief Jerome Powell hits the stand at the Jackson Hole symposium on Friday. At the time of writing, the EUR/USD is trading at 0.9976.

On Thursday, the EUR/USD price action witnessed the shared currency opening around the 0.9960s area. The major climbed towards its daily high at 1.0000 before erasing its gains, retreating towards current exchange rates.

EUR/USD Price Analysis: Technical outlook

The daily scale shows that the EUR/USD is in a consolidation phase. After hitting a year-to-date low at 0.9899, the EUR/USD reclaimed the 0.990 figure and hasn’t looked back, posing threats of reclaiming parity. The lack of strength keeps the major hovering around the 0.9960-90 area. It is worth noting that in reclaiming parity, its first resistance would be the 1.0100 figure, immediately followed by the 20-day EMA at 1.0137. On the flip side, a fall towards the YTD low at 0.9998 is on the cards, ahead of December 2002 lows at 0,9859, ahead of the October 2002 lows at 0.9685.

EUR/USD Key Technical Levels