EUR/USD Price Analysis: A breakdown of 1.1740 opens the door to extra losses


  • EUR/USD reverses the initial optimism and drops sharply below 1.18.
  • Initial contention now emerges around monthly lows in the 1.1740/35 band.

EUR/USD drops to fresh 2-day lows in the sub-1.1800 area at the beginning of the week quickly eroding the optimism seen during the Asian trading hours.

A deeper pullback is not ruled out just yet and could initially target the monthly lows in the 1.1740 region ahead of the more relevant contention zone near 1.17, where converge late August lows and a Fibo level (of the 2017-2018 rally). The 55-day SMA, today at 1.1722, also reinforces this critical juncture.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1223.

EUR/USD daily chart

EUR/USD

Overview
Today last price 1.1787
Today Daily Change 96
Today Daily Change % -0.45
Today daily open 1.184
 
Trends
Daily SMA20 1.1842
Daily SMA50 1.1756
Daily SMA100 1.1438
Daily SMA200 1.1222
 
Levels
Previous Daily High 1.187
Previous Daily Low 1.1826
Previous Weekly High 1.1901
Previous Weekly Low 1.1738
Previous Monthly High 1.1966
Previous Monthly Low 1.1696
Daily Fibonacci 38.2% 1.1843
Daily Fibonacci 61.8% 1.1854
Daily Pivot Point S1 1.1821
Daily Pivot Point S2 1.1801
Daily Pivot Point S3 1.1776
Daily Pivot Point R1 1.1865
Daily Pivot Point R2 1.189
Daily Pivot Point R3 1.1909

 

 

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