EUR/USD Price Analysis: Bears flirting with 1-month-old ascending channel support

EUR/USD drops to fresh weekly lows during the early North American session on Friday.
The set-up supports prospects for an eventual break below an ascending trend-channel.
Bears might now aim to retest August monthly swing lows, near the 1.1700-1.1695 area.

Haresh Menghani FXStreet

The EUR/USD pair refreshed weekly lows, around the 1.1785 region in the post-NFP trading action, with bears now eyeing a sustained break below one-month-old ascending channel support.

Given that the pair has now slipped below the 200-period SMA on the 4-hourly chart, the bias might have already shifted in favour of bearish traders amid a strong pickup in the USD demand. The negative outlook is further reinforced by the fact that oscillators on the daily chart have already lost positive momentum and have been drifting lower in the bearish territory.

A subsequent fall below the 1.1760-55 region will confirm a near-term bearish breakdown and drag the pair further towards August monthly swing lows, around the 1.1700-1.1695 region. Some follow-through selling should pave the way for an extension of the recent corrective slide from over two-year tops, or levels beyond the key 1.2000 psychological mark set on Tuesday.

On the flip side, any meaningful recovery back above the 1.1800 mark now seems to confront a stiff resistance and is more likely to remain capped near the 1.1850-55 horizontal zone. That said, a sustained strength beyond might trigger a short-covering move and push the pair back above the 1.1900 mark, towards testing the next major hurdle near the 1.1930-35 region.

EUR/USD 4-hourly chart

Technical levels to watch

EUR/USD

Overview
Today last price	1.1799
Today Daily Change	-0.0053
Today Daily Change %	-0.45
Today daily open	1.1852

Trends
Daily SMA20	1.1837
Daily SMA50	1.1632
Daily SMA100	1.1331
Daily SMA200	1.1182

Levels
Previous Daily High	1.1865
Previous Daily Low	1.1789
Previous Weekly High	1.192
Previous Weekly Low	1.1762
Previous Monthly High	1.1966
Previous Monthly Low	1.1696
Daily Fibonacci 38.2%	1.1818
Daily Fibonacci 61.8%	1.1836
Daily Pivot Point S1	1.1806
Daily Pivot Point S2	1.176
Daily Pivot Point S3	1.173
Daily Pivot Point R1	1.1881
Daily Pivot Point R2	1.1911
Daily Pivot Point R3	1.1957

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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