EUR/USD Price Analysis: A drop to 0.9859 remains on the cards

EUR/USD regains some composure following new cycle lows.
The breach of the 2022 low at 0.9952 should trigger extra losses.

Pablo Piovano FXStreet

EUR/USD attempts a bull run after dropping to the mid-0.9900s on Thursday, levels last seen in December 2002.

Despite the ongoing bounce, the pair’s bearish stance remains everything but abated for the time being. Against that, another convincing breakdown of the parity level should expose the YTD low at 0.9952 (July 14) ahead of the December 2002 low at 0.9859.

As long as the pair navigates below the 5-month support line around 1.0545, further losses remain in store.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1033.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0059
Today Daily Change	65
Today Daily Change %	0.42
Today daily open	1.0017

Trends
Daily SMA20	1.0352
Daily SMA50	1.0497
Daily SMA100	1.0697
Daily SMA200	1.1042

Levels
Previous Daily High	1.0064
Previous Daily Low	0.9952
Previous Weekly High	1.0463
Previous Weekly Low	1.0072
Previous Monthly High	1.0774
Previous Monthly Low	1.0359
Daily Fibonacci 38.2%	0.9995
Daily Fibonacci 61.8%	1.0021
Daily Pivot Point S1	0.9958
Daily Pivot Point S2	0.99
Daily Pivot Point S3	0.9847
Daily Pivot Point R1	1.007
Daily Pivot Point R2	1.0122
Daily Pivot Point R3	1.0181

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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