EUR/USD Price Analysis: Inches closer to September low above 1.1600
|- EUR/USD refreshes five-week low after breaking 100-day SMA.
- Bearish MACD favor sellers, mid-October low offers additional immediate resistance.
- Key Fibonacci retracement levels can lure bears below September bottom.
EUR/USD drops to 1.1638, the fresh low since September 28, during the early Monday. In doing so, the major currency pair respects Friday’s closing below 100-day SMA amid bearish MACD.
As a result, sellers are currently targeting the September month’s trough surrounding 1.1615/10 as immediate support ahead of looking at the 50% Fibonacci retracement of the pair’s late-June to September 01 upside, at 1.1590.
Although EUR/USD bears are likely to catch a breather around 1.1590, failure to do so might not refrain from attacking 61.8% of Fibonacci retracement near 1.1490.
Alternatively, a daily closing beyond the 1.1660 level comprising 100-day SMA will have to cross the October 15 low of 1.1688 before targeting the 1.1700 threshold and the 1.1785/90 resistance.
In a case where the EUR/USD bulls dominate past-1.1790, the October month’s high of 1.1880 could become their favorite.
EUR/USD daily chart
Trend: Bearish
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