EUR/USD Price Analysis: 1.1700 challenges bears amid oversold RSI

EUR/USD consolidates recent losses around the yearly low.
Sustained trading below multiple resistance lines, the key Fibonacci retracement keeps sellers hopeful.
Break of 1.1700 will buoy bears, 200-DMA adds to the upside filters.

Anil Panchal FXStreet

EUR/USD defends the 1.1700 threshold, mostly unchanged around 1.1720, during the initial Asian session on Wednesday.

The major currency pair dropped to the fresh low since March 31, also the yearly bottom, extending the fall below July’s bottom. However, a horizontal line comprising the 2021 trough questions further downside amid oversold RSI conditions.

It should be noted, however, that the corrective pullback needs to cross the immediate horizontal hurdle surrounding 1.1760 to revisit the 1.1800 round figure.

Even so, a downward sloping trend line from June 01, near 1.1890, will be challenging the EUR/USD buyers. It’s worth observing that a convergence of a descending trend line from June 25 and 61.8% Fibonacci retracement level of November 2020 to January 2021 upside, near 1.1890, followed by the 1.1900 psychological magnet, will be tough nuts to crack for the bulls afterward.

Meanwhile, a daily closing below 1.1700 will not hesitate to portray a 100-pip fall targeting the late 2020 lows close to 1.1600.

EUR/USD: Daily chart

Trend: Corrective pullback expected

Additional important levels

Overview
Today last price	1.1722
Today Daily Change	-0.0015
Today Daily Change %	-0.13%
Today daily open	1.1737

Trends
Daily SMA20	1.1814
Daily SMA50	1.192
Daily SMA100	1.1966
Daily SMA200	1.201

Levels
Previous Daily High	1.1769
Previous Daily Low	1.1735
Previous Weekly High	1.19
Previous Weekly Low	1.1755
Previous Monthly High	1.1909
Previous Monthly Low	1.1752
Daily Fibonacci 38.2%	1.1748
Daily Fibonacci 61.8%	1.1756
Daily Pivot Point S1	1.1725
Daily Pivot Point S2	1.1713
Daily Pivot Point S3	1.1691
Daily Pivot Point R1	1.1759
Daily Pivot Point R2	1.1781
Daily Pivot Point R3	1.1793

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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