EUR/USD Price Analysis: Bearish impulse targets monthly low around 1.2000


  • EUR/USD stays mildly offered near intraday low, extends pullback from 200-HMA, two-week-old horizontal hurdle.
  • 1.2030-25 can offer immediate support, 100-HMA adds to the upside filters.

EUR/USD drops to 1.2050 while printing 0.10% intraday losses amid Thursday’s Asian session.

The major currency pair marked an uptick to 1.2113 the previous day before taking a U-turn below 200-HMA and breaking down a horizontal hurdle, earlier support, established since February 18.

The following losses extended below 100-HMA wherein the bearish MACD signals add to the EUR/USD sellers’ hopes.

Even so, a horizontal area from Monday, around 1.2030-25, can act as a buffer before recalling the 1.2000 psychological magnet on the chart. It should, however, be noted that further weakness below 1.2000 needs to break the monthly low of 1.1990 to eye the previous month’s low near 1.1950.

Alternatively, 100-HMA and the stated horizontal region, respectively around 1.2080 and 1.2090, can test the pair’s short-term rebound.

If at all the EUR/USD bulls manage to cross 1.2090, a 200-HMA level of 1.2117 will validate the quote’s fresh rally towards February’s top of 1.2243.

EUR/USD hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 1.2051
Today Daily Change -11 pips
Today Daily Change % -0.09%
Today daily open 1.2062
 
Trends
Daily SMA20 1.2097
Daily SMA50 1.2141
Daily SMA100 1.2034
Daily SMA200 1.1813
 
Levels
Previous Daily High 1.2113
Previous Daily Low 1.2043
Previous Weekly High 1.2243
Previous Weekly Low 1.2065
Previous Monthly High 1.2243
Previous Monthly Low 1.1952
Daily Fibonacci 38.2% 1.207
Daily Fibonacci 61.8% 1.2086
Daily Pivot Point S1 1.2032
Daily Pivot Point S2 1.2002
Daily Pivot Point S3 1.1962
Daily Pivot Point R1 1.2103
Daily Pivot Point R2 1.2143
Daily Pivot Point R3 1.2174

 

 

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