EUR/USD Price Analysis: Bear cross, support break back sellers below 1.1300

EUR/USD remains pressured around two-week low despite the latest sideways grind.
Steady RSI backs bearish moving average crossover, break of 12-day-old support.
Weekly horizontal line tests intraday sellers, bulls need 200-SMA break for conviction.

Anil Panchal FXStreet

EUR/USD stays depressed around 1.1285 near a fortnight low amid the initial Asian session on Wednesday, following a two-day south-run.

In doing so, the major currency pair justifies the bearish cross of the 50-HMA under 200-HMA, as well as a clear downside break of an upward sloping trend line from December 19, currently around 1.1305.

Given the steady RSI line baking the aforementioned bearish technical catalysts, the latest grind to the south may continue.

However, a horizontal area comprising lows marked since December 19, around 1.1275-70 may challenge the EUR/USD sellers before directing them to the year 2021 low near 1.1185.

Adding to the downside filters are the levels surrounding 1.1230 and the 1.1200 threshold.

Meanwhile, the corrective pullback may aim for the previous support line near 1.1305 but may remain elusive until crossing the 200-HMA level close to 1.1325.

Following that, a run-up towards 1.1360 and December’s high around 1.1385 can’t be ruled out.

EUR/USD: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.1285
Today Daily Change	-0.0011
Today Daily Change %	-0.10%
Today daily open	1.1296

Trends
Daily SMA20	1.1308
Daily SMA50	1.1375
Daily SMA100	1.154
Daily SMA200	1.1751

Levels
Previous Daily High	1.1379
Previous Daily Low	1.128
Previous Weekly High	1.1386
Previous Weekly Low	1.1274
Previous Monthly High	1.1386
Previous Monthly Low	1.1222
Daily Fibonacci 38.2%	1.1318
Daily Fibonacci 61.8%	1.1341
Daily Pivot Point S1	1.1258
Daily Pivot Point S2	1.1219
Daily Pivot Point S3	1.1158
Daily Pivot Point R1	1.1357
Daily Pivot Point R2	1.1418
Daily Pivot Point R3	1.1457

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD holds losses below 1.1850 ahead of FOMC Minutes

EUR/USD stays on the back foot below 1.1850 in the European session on Wednesday, pressured by renewed US Dollar demand and reports that ECB President Lagarde will step down before the end of her term. Traders now look forward to the Minutes of the Fed's January monetary policy meeting for fresh signals on future rate cuts.

GBP/USD defends 1.3550 after UK inflation data

GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.

Gold retains bullish bias amid Fed rate cut bets, ahead of Fed Minutes

Gold sticks to modest intraday gains through the early European session, reversing a major part of the previous day's heavy losses of more than 2%, to the $4,843-4,842 region or a nearly two-week low. That said, the fundamental backdrop warrants caution for bulls ahead of the FOMC Minutes, which will look for more cues about the US Federal Reserve's rate-cut path.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.