EUR/USD Price Analysis: A drop to 1.0516 looms closer

EUR/USD drops to new multi-month lows around 1.0570.
Extra losses could extend to the March low near 1.0515.

Pablo Piovano FXStreet

EUR/USD maintains the bearish pressure well in place and prints new six-month lows in the 1.0570/65 band on Tuesday.

If the pair breaches this level in the short-term horizon, it could then open the door to a potential retracement to the March low of 1.0516 (Mar 8), which is the last defence ahead of an assault on the 2023 low at 1.0481 (January 6).

While below the key 200-day SMA at 1.0828, the pair is likely to face extra weakness.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0594
Today Daily Change	40
Today Daily Change %	0.01
Today daily open	1.0593

Trends
Daily SMA20	1.0727
Daily SMA50	1.0872
Daily SMA100	1.0873
Daily SMA200	1.083

Levels
Previous Daily High	1.0656
Previous Daily Low	1.0575
Previous Weekly High	1.0737
Previous Weekly Low	1.0615
Previous Monthly High	1.1065
Previous Monthly Low	1.0766
Daily Fibonacci 38.2%	1.0606
Daily Fibonacci 61.8%	1.0625
Daily Pivot Point S1	1.056
Daily Pivot Point S2	1.0527
Daily Pivot Point S3	1.0479
Daily Pivot Point R1	1.0641
Daily Pivot Point R2	1.0689
Daily Pivot Point R3	1.0722

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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