EUR/USD Price Analysis: A breach of 1.1700 is not ruled out

EUR/USD attempts a mild rebound to the 1.1740 area.
Next on the upside comes the 1.1800 hurdle.

Pablo Piovano FXStreet

EUR/USD puts further distance from Monday’s monthly lows in the 1.1700 neighbourhood.

In spite of the current bounce, the very near-term outlook for the pair remains fragile. If the upside gathers extra steam, then the 1.1780/1.1800 band should emerge as the next important barrier. Here coincides the 10-, 55- and 20-day SMAs along with a Fibo level (of the June-August drop).

A breakdown of the September low at 1.1700 should expose the 2021 low at 1.1663 recorded on August 20.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.1984.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1735
Today Daily Change	22
Today Daily Change %	0.08
Today daily open	1.1726

Trends
Daily SMA20	1.1805
Daily SMA50	1.1794
Daily SMA100	1.1923
Daily SMA200	1.1989

Levels
Previous Daily High	1.1737
Previous Daily Low	1.17
Previous Weekly High	1.1846
Previous Weekly Low	1.1724
Previous Monthly High	1.19
Previous Monthly Low	1.1664
Daily Fibonacci 38.2%	1.1723
Daily Fibonacci 61.8%	1.1714
Daily Pivot Point S1	1.1705
Daily Pivot Point S2	1.1684
Daily Pivot Point S3	1.1669
Daily Pivot Point R1	1.1741
Daily Pivot Point R2	1.1757
Daily Pivot Point R3	1.1778

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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