EUR/USD Price Analysis: A drop to the 1.0630 region is not ruled out

EUR/USD resumes the downside following Friday’s tops.
A deeper correction could revisit the 1.0630 zone.

Pablo Piovano FXStreet

EUR/USD adds to Friday’s marked pullback and drops to the 1.0680 area on Monday.

The pair remains well under pressure and the continuation of the selling bias should put a potential test of the May low at 1.0635 (May 31) back on the radar in the short-term horizon. If spot clears the 1.0600 support it could then open the door to a deeper decline to the March low at 1.0516 (March 15).

A deeper pullback to the 2023 low at 1.0496 (January 6) would likely need a sharp deterioration of the outlook, which appears not favoured for the time being.

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0503.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0684
Today Daily Change	31
Today Daily Change %	-0.22
Today daily open	1.0708

Trends
Daily SMA20	1.0813
Daily SMA50	1.0897
Daily SMA100	1.0813
Daily SMA200	1.0502

Levels
Previous Daily High	1.0779
Previous Daily Low	1.0705
Previous Weekly High	1.0779
Previous Weekly Low	1.0635
Previous Monthly High	1.1092
Previous Monthly Low	1.0635
Daily Fibonacci 38.2%	1.0733
Daily Fibonacci 61.8%	1.0751
Daily Pivot Point S1	1.0682
Daily Pivot Point S2	1.0657
Daily Pivot Point S3	1.0609
Daily Pivot Point R1	1.0756
Daily Pivot Point R2	1.0804
Daily Pivot Point R3	1.083

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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