EUR/USD Price Analysis: Bears brace for fresh multi-year low around 1.0250

EUR/USD fades bounces off 20-year low inside monthly falling channel.
61.8% FE, previous support from mid-May appear key hurdles for recovery.
Oversold RSI may test bears around the channel’s support.

Anil Panchal FXStreet

EUR/USD remains pressured around the lowest levels since December 2002, flashed the previous day, as bears flirt with 1.0260 during Wednesday’s Asian session.

The major currency pair slumped the most since March 2020 the previous day after breaking the horizontal area comprising the previous yearly low, around 1.0360-50. However, the quote’s rebound from 1.0235 portrayed a one-month-old bearish channel on the chart.

That said, the EUR/USD pair’s latest pullback marks the failure to cross the 61.8% Fibonacci Expansion (FE) of the March-May moves, around 1.0280.

Even if the pair manage to cross the 1.0280 level, it needs validation from the 1.0360 to convince buyers.

Even so, the 10-day EMA and upper line of the stated channel, respectively near 1.0415 and 1.0525, could challenge the EUR/USD buyers.

On the flip side, the aforementioned channel’s lower line, at 1.0225 by the press time, could join the oversold RSI conditions to limit the EUR/USD pair’s immediate declines.

Following that, the 78.6% FE level near 1.0130 could act as a buffer before directing the quote towards the 1.0000 psychological magnet.

EUR/USD: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	1.0259
Today Daily Change	-0.0012
Today Daily Change %	-0.12%
Today daily open	1.0271

Trends
Daily SMA20	1.0501
Daily SMA50	1.0559
Daily SMA100	1.0782
Daily SMA200	1.1094

Levels
Previous Daily High	1.0449
Previous Daily Low	1.0235
Previous Weekly High	1.0615
Previous Weekly Low	1.0366
Previous Monthly High	1.0774
Previous Monthly Low	1.0359
Daily Fibonacci 38.2%	1.0317
Daily Fibonacci 61.8%	1.0367
Daily Pivot Point S1	1.0188
Daily Pivot Point S2	1.0105
Daily Pivot Point S3	0.9974
Daily Pivot Point R1	1.0402
Daily Pivot Point R2	1.0532
Daily Pivot Point R3	1.0615

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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