EUR/USD Price Analysis: A drop to the 2022 low is not ruled out

EUR/USD regains the smile following recent strong pullback.
The YTD low at 1.1272 emerges as the next support.

Pablo Piovano FXStreet

EUR/USD has regained some buying interest after bottoming out in the proximity of 1.1310 on Tuesday.

The bias appears tilted to further retracement in the very near term. That said, a deeper decline remains on the cards if spot breaks below the weekly low at 1.1314 (January 18). Such a move should open the door to a test of the so far YTD low at 1.1272 (January 4).

The longer term negative outlook for EUR/USD is seen unchanged while below the key 200-day SMA at 1.1722.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1339
Today Daily Change	31
Today Daily Change %	0.19
Today daily open	1.1317

Trends
Daily SMA20	1.1348
Daily SMA50	1.1324
Daily SMA100	1.1497
Daily SMA200	1.1726

Levels
Previous Daily High	1.1422
Previous Daily Low	1.1315
Previous Weekly High	1.1483
Previous Weekly Low	1.1285
Previous Monthly High	1.1386
Previous Monthly Low	1.1222
Daily Fibonacci 38.2%	1.1355
Daily Fibonacci 61.8%	1.1381
Daily Pivot Point S1	1.1281
Daily Pivot Point S2	1.1244
Daily Pivot Point S3	1.1174
Daily Pivot Point R1	1.1388
Daily Pivot Point R2	1.1458
Daily Pivot Point R3	1.1494

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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