EUR/USD Price Analysis: Bearish bias remains intact below 1.0650 hurdle

EUR/USD pares the first daily gains in three during sluggish session.
Clear downside break of weekly support line, sustained trading below 100-SMA favor sellers.
Descending trend line from Tuesday adds to the upside filters.
Weekly horizontal support restricts immediate downside amid steady RSI.

Anil Panchal FXStreet

EUR/USD takes offers to consolidate the first daily gains in three around 1.0620 heading into Thursday’s European session. Even so, the major currency pair prints 0.13% intraday gains by the press time.

That said, the quote broke a one-week-old ascending trend line, as well as the 100-Simple Moving Average (SMA), the previous day and favored the bears.

The following corrective bounce off the late Friday’s trough, however, failed to cross the aforementioned hurdles and join the steady RSI (14) to keep sellers hopeful.

As a result, EUR/USD bears are likely to revisit the weekly horizontal support zone surrounding 1.0600, a break of which could quickly drag the quote towards the previous weekly low near 1.0575.

It’s worth noting that the pair’s weakness past 1.0575 will highlight the 1.0440 support level, as well as the monthly low of 1.0393 for the EUR/USD sellers.

On the contrary, the 100-SMA level of 1.0640 precedes the previous support line, around 1.0645 at the latest, to restrict the short-term EUR/USD upside.

Following that, a downward-sloping trend line from Tuesday, close to 1.0650 by the press time, will gain the market’s attention.

In a case where the EUR/USD bulls manage to cross the 1.0650 hurdle, which is less expected, the quote is likely to refresh the monthly high, currently around 1.0735.

EUR/USD: 30-minute chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.0624
Today Daily Change	0.0016
Today Daily Change %	0.15%
Today daily open	1.0608

Trends
Daily SMA20	1.0579
Daily SMA50	1.0313
Daily SMA100	1.0118
Daily SMA200	1.0328

Levels
Previous Daily High	1.0674
Previous Daily Low	1.0608
Previous Weekly High	1.0659
Previous Weekly Low	1.0573
Previous Monthly High	1.0497
Previous Monthly Low	0.973
Daily Fibonacci 38.2%	1.0633
Daily Fibonacci 61.8%	1.0649
Daily Pivot Point S1	1.0586
Daily Pivot Point S2	1.0564
Daily Pivot Point S3	1.0519
Daily Pivot Point R1	1.0652
Daily Pivot Point R2	1.0697
Daily Pivot Point R3	1.0719

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.

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