EUR/USD Price Analysis: Another drop to 1.0450 should not be ruled out

EUR/USD reverses initial gains and refocuses on 1.0500.
There is still scope for another visit to the YTD low near 1.0450.

Pablo Piovano FXStreet

EUR/USD gives away the initial advance to the 1.0570 region and shifts its attention back to the 1.0500 neighbourhood on Friday.

The continuation of the rebound should initially retarget the minor barrier at 1.0617 (September 29) ahead of the weekly peak of 1.0767 (September 12). On the flip side, if bears regain the upper hand, the pair could slip back to the area of yearly lows around 1.0450 (October 3).

Meanwhile, further losses remain on the table as long as the pair navigates the area below the key 200-day SMA, today at 1.0823.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0511
Today Daily Change	86
Today Daily Change %	-0.33
Today daily open	1.0546

Trends
Daily SMA20	1.0619
Daily SMA50	1.0779
Daily SMA100	1.0845
Daily SMA200	1.0826

Levels
Previous Daily High	1.0552
Previous Daily Low	1.05
Previous Weekly High	1.0656
Previous Weekly Low	1.0488
Previous Monthly High	1.0882
Previous Monthly Low	1.0488
Daily Fibonacci 38.2%	1.0532
Daily Fibonacci 61.8%	1.052
Daily Pivot Point S1	1.0513
Daily Pivot Point S2	1.0481
Daily Pivot Point S3	1.0461
Daily Pivot Point R1	1.0565
Daily Pivot Point R2	1.0584
Daily Pivot Point R3	1.0617

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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