EUR/USD Price Analysis: Back above 100-hour SMA, Monday's low is key support

EUR/USD trades above the 100-hour SMA in Asia.
The bulls failed to secure a close above 1.20 on Monday.

Omkar Godbole FXStreet Contributor

EUR/USD's overnight dip below the 100-hour Simple Moving Average was short-lived. The pair is currently trading above the key SMA located at 1.1925, having printed a low of 1.1923 late Monday.

Despite the quick recovery to levels above the 100-hour SMA, the immediate bias remains neutral. That's because the pair is yet to clear the psychological hurdle of 1.20. The EUR bulls failed to establish a foothold above that hurdle on Monday, having faced similar rejection on Sept. 1.

More importantly, the pair ended up carving a red candle with a long upper shadow. The bias will turn bearish if Monday's low of 1.1922 is breached. That would shift risk in favor of a drop to 1.18 (Nov. 23 low).

Daily chart

Trend: Bearish below Monday's low

Technical levels

EUR/USD

Overview
Today last price	1.1938
Today Daily Change	0.0010
Today Daily Change %	0.08
Today daily open	1.1928

Trends
Daily SMA20	1.1846
Daily SMA50	1.1785
Daily SMA100	1.1775
Daily SMA200	1.1411

Levels
Previous Daily High	1.2003
Previous Daily Low	1.1927
Previous Weekly High	1.1963
Previous Weekly Low	1.18
Previous Monthly High	1.2003
Previous Monthly Low	1.1603
Daily Fibonacci 38.2%	1.1956
Daily Fibonacci 61.8%	1.1974
Daily Pivot Point S1	1.1902
Daily Pivot Point S2	1.1877
Daily Pivot Point S3	1.1826
Daily Pivot Point R1	1.1978
Daily Pivot Point R2	1.2029
Daily Pivot Point R3	1.2054

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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