EUR/USD Price Analysis: A deeper pullback could see 1.1700 retested

EUR/USD bounces off lows in the 1.1780/70 band.
There is an interim support around 1.1760.

Pablo Piovano FXStreet

EUR/USD rebounds from monthly lows in the 1.1770 region after briefly testing the oversold territory during early trade.

While the upside remains capped by the 1.1880 area, further pullbacks remain in the pipeline.

Against this, the breach of the 2020-2021 support line would be an important bearish event and carries the potential to accelerate losses to, initially, the Fibo level near 1.1760 ahead of the 2021 low in the 1.1700 neighbourhood (March 31).

Further out, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2001.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1801
Today Daily Change	33
Today Daily Change %	0.20
Today daily open	1.1777

Trends
Daily SMA20	1.1882
Daily SMA50	1.2047
Daily SMA100	1.2
Daily SMA200	1.2005

Levels
Previous Daily High	1.1875
Previous Daily Low	1.1772
Previous Weekly High	1.1895
Previous Weekly Low	1.1782
Previous Monthly High	1.2254
Previous Monthly Low	1.1845
Daily Fibonacci 38.2%	1.1812
Daily Fibonacci 61.8%	1.1836
Daily Pivot Point S1	1.1741
Daily Pivot Point S2	1.1705
Daily Pivot Point S3	1.1638
Daily Pivot Point R1	1.1844
Daily Pivot Point R2	1.1911
Daily Pivot Point R3	1.1947

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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