- 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
|Today last price||1.1787|
|Today Daily Change||96|
|Today Daily Change %||-0.45|
|Today daily open||1.184|
|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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