EUR/USD Price Analysis: 1.1760 becomes a tough nut to crack for bears

EUR/USD stays depressed after posting the biggest daily losses in a month.
Oversold RSI challenges the bears around the key support line from November.
13-day-old falling trend line guards immediate upside, sellers can quickly refresh yearly bottom on support line break.

Anil Panchal FXStreet

EUR/USD holds lower ground near early April bottom surrounding 1.1780 amid the initial Asian session on Wednesday. The currency-major pair dropped the most since mid-June after strong US CPI empowered the bears.

However, oversold RSI conditions and an ascending support line from November will challenge the bears around 1.1760. Also backing the hopes of a corrective bounce is the latest uptick in Momentum.

While the recent bounce eyes the 1.1800 threshold, any further recoveries will be tested by a short-term resistance line around 1.1865.

In a case where EUR/USD bulls manage to cross the said trend line hurdle, the late June peak of 1.1965 and 200-DMA level near 1.2010 will be the key to follow.

Alternatively, a downside break of 1.1760 will not hesitate to refresh the yearly low of 1.1704 and attack the 1.1700 round figure to aim for the 2020 bottom close to 1.1600.

EUR/USD daily chart

Trend: Corrective pullback expected

Additional important levels

Overview
Today last price	1.1777
Today Daily Change	-0.0083
Today Daily Change %	-0.70%
Today daily open	1.186

Trends
Daily SMA20	1.19
Daily SMA50	1.2052
Daily SMA100	1.2004
Daily SMA200	1.2006

Levels
Previous Daily High	1.188
Previous Daily Low	1.1836
Previous Weekly High	1.1895
Previous Weekly Low	1.1782
Previous Monthly High	1.2254
Previous Monthly Low	1.1845
Daily Fibonacci 38.2%	1.1853
Daily Fibonacci 61.8%	1.1863
Daily Pivot Point S1	1.1838
Daily Pivot Point S2	1.1815
Daily Pivot Point S3	1.1794
Daily Pivot Point R1	1.1882
Daily Pivot Point R2	1.1903
Daily Pivot Point R3	1.1926

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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