EUR/USD Price Analysis: A drop to the 200-day SMA is not ruled out

EUR/USD sharply reverses part of the recent three-day advance.
Next on the downside comes the 200-day SMA (1.0812).

Pablo Piovano FXStreet

EUR/USD faces strong headwinds and slips back to the 1.0860 zone on Thursday following tops near 1.0950 recorded in the previous session.

Despite the daily knee-jerk, the pair’s current momentum seems to be favouring the continuation of the march north for the time being. That said, there is a temporary hurdle at the 55-day SMA at 1.0968, which precedes the psychological 1.1000 mark and the August top of 1.1064 (August 10).

In case losses gather extra impulse, a pullback to the 200-day SMA, today at 1.0812, should not be ruled out.

In the meantime, the pair is likely to keep the bullish outlook unchanged while above the 200-day SMA.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0861
Today Daily Change	85
Today Daily Change %	-0.58
Today daily open	1.0924

Trends
Daily SMA20	1.0904
Daily SMA50	1.0973
Daily SMA100	1.0926
Daily SMA200	1.0812

Levels
Previous Daily High	1.0946
Previous Daily Low	1.0855
Previous Weekly High	1.093
Previous Weekly Low	1.0766
Previous Monthly High	1.1276
Previous Monthly Low	1.0834
Daily Fibonacci 38.2%	1.0911
Daily Fibonacci 61.8%	1.089
Daily Pivot Point S1	1.0871
Daily Pivot Point S2	1.0818
Daily Pivot Point S3	1.078
Daily Pivot Point R1	1.0961
Daily Pivot Point R2	1.0998
Daily Pivot Point R3	1.1051

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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