EUR/USD Price Analysis: A deeper correction could revisit 0.9631

EUR/USD fades the recent advance and breaks below 0.9800.
The October low near 0.9630 comes next on the downside.

Pablo Piovano FXStreet

EUR/USD reverses the uptick to the 0.9870/80 band and comes under pressure below the 0.9800 support on Wednesday.

The inability of the pair to surpass the area of weekly highs near 0.9880 in the very near term could lure extra selling pressure in and pave the way for a probable test of the October low at 0.9631 (October 13).

In the longer run, the pair’s bearish view should remain unaltered while below the 200-day SMA at 1.0553.

EUR/USD daily chart

EUR/USD

Overview
Today last price	0.9778
Today Daily Change	113
Today Daily Change %	-0.78
Today daily open	0.9855

Trends
Daily SMA20	0.9772
Daily SMA50	0.9934
Daily SMA100	1.0144
Daily SMA200	1.0563

Levels
Previous Daily High	0.9876
Previous Daily Low	0.9813
Previous Weekly High	0.9809
Previous Weekly Low	0.9632
Previous Monthly High	1.0198
Previous Monthly Low	0.9536
Daily Fibonacci 38.2%	0.9852
Daily Fibonacci 61.8%	0.9837
Daily Pivot Point S1	0.982
Daily Pivot Point S2	0.9785
Daily Pivot Point S3	0.9757
Daily Pivot Point R1	0.9883
Daily Pivot Point R2	0.9911
Daily Pivot Point R3	0.9946

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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