EUR/USD Price Analysis: A deeper pullback could see 1.1700 retested
|- EUR/USD bounces off lows in the 1.1780/70 band.
- There is an interim support around 1.1760.
EUR/USD rebounds from monthly lows in the 1.1770 region after briefly testing the oversold territory during early trade.
While the upside remains capped by the 1.1880 area, further pullbacks remain in the pipeline.
Against this, the breach of the 2020-2021 support line would be an important bearish event and carries the potential to accelerate losses to, initially, the Fibo level near 1.1760 ahead of the 2021 low in the 1.1700 neighbourhood (March 31).
Further out, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2001.
EUR/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.