EUR/USD Price Analysis: Probable move to 1.1695
|- EUR/USD comes under pressure following 2020 highs near 1.1920.
- Further downside is seen visiting recent lows in the sub-1.17 area.
EUR/USD is fading part of the recent move up to record fresh peaks in the 1.1915/20 band, levels last traded in May 2018.
Extra losses in EUR/USD are likely in the short-term horizon on the back of the current overbought conditions and the bearish divergence in the daily RSI, as the recent top was not confirmed by the indicator. That said, a drop to weekly lows just below 1.17 should not be ruled out.
In the longer run, as long as the 200-day SMA, today at 1.1104, holds the downside, further gains in EUR/USD remains well on the table.
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.