EUR/USD Price Analysis: A drop to the 1.0630 remains in the pipeline

EUR/USD leaves behind Tuesday’s pullback and retakes 1.0700
The selling bias still dominates the sentiment around the pair.

Pablo Piovano FXStreet

EUR/USD regains upside traction and moves beyond the key barrier at 1.0700 the figure on Wednesday.

The pair remains well under pressure despite the bullish move and the continuation of the selling bias should prompt a probable test of the May low at 1.0635 (May 31) to emerge on the horizon in the short term. 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 1.0481 (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 1.0510.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0718
Today Daily Change	52
Today Daily Change %	0.23
Today daily open	1.0693

Trends
Daily SMA20	1.0784
Daily SMA50	1.0892
Daily SMA100	1.0811
Daily SMA200	1.0509

Levels
Previous Daily High	1.0733
Previous Daily Low	1.0667
Previous Weekly High	1.0779
Previous Weekly Low	1.0635
Previous Monthly High	1.1092
Previous Monthly Low	1.0635
Daily Fibonacci 38.2%	1.0692
Daily Fibonacci 61.8%	1.0708
Daily Pivot Point S1	1.0662
Daily Pivot Point S2	1.0632
Daily Pivot Point S3	1.0596
Daily Pivot Point R1	1.0728
Daily Pivot Point R2	1.0763
Daily Pivot Point R3	1.0794

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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