EUR/USD Price Analysis: A deeper retracement to 1.1500 looks unlikely

EUR/USD lost the grip further and dropped to the 1.1670 area.
The next significant support is located at the March peaks near 1.1500.

Pablo Piovano FXStreet

After bottoming out in new 2-month lows around 1.1670, EUR/USD has managed to regain some composure and return to the 1.1700 neighbourhood.

While further retracements remain on the cards, a deeper pullback to the next support of relevance in the 1.1500 region (March tops) is not favoured for the time being. On the upside, a more serious bullish attempt should regain recent tops around the 1.19 barrier.

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 1.1229.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.171
Today Daily Change	47
Today Daily Change %	0.02
Today daily open	1.1708

Trends
Daily SMA20	1.1835
Daily SMA50	1.1771
Daily SMA100	1.1455
Daily SMA200	1.1228

Levels
Previous Daily High	1.1774
Previous Daily Low	1.1692
Previous Weekly High	1.1901
Previous Weekly Low	1.1738
Previous Monthly High	1.1966
Previous Monthly Low	1.1696
Daily Fibonacci 38.2%	1.1723
Daily Fibonacci 61.8%	1.1743
Daily Pivot Point S1	1.1675
Daily Pivot Point S2	1.1642
Daily Pivot Point S3	1.1593
Daily Pivot Point R1	1.1757
Daily Pivot Point R2	1.1807
Daily Pivot Point R3	1.1839

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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