EUR/USD Price Analysis: Bears holding tight grip on the market

EUR/USD is looking south with Friday's marubozu candle signaling bearish sentiment.
The daily chart indicators are biased bearish and a drop to 1.09 could be seen.

Omkar Godbole FXStreet Contributor

EUR/USD has so far added about eight pips in Asia, but the overall mood looks bearish, as indicated by the lower highs, lower lows structure on the daily chart and Friday's red marubozu candle.

A marubozu candle comprises a big body and little or no wicks. A red marubozu indicates the sellers were in control throughout the day and there was no hesitation among bears while pushing prices lower.

Alongside that, the 14-day relative strength index (RSI) is reporting bearish conditions with a below-50 print and the 5- and 10-day averages are trending south.

A drop to 1.09 could be in the offing. At press time, the spot is trading at 1.0950, representing marginal gains on the day. The outlook would turn bullish if the spot ends Monday above Friday's high of 1.0985.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.0951
Today Daily Change	0.0003
Today Daily Change %	0.03
Today daily open	1.0948

Trends
Daily SMA20	1.106
Daily SMA50	1.11
Daily SMA100	1.107
Daily SMA200	1.1123

Levels
Previous Daily High	1.0985
Previous Daily Low	1.0942
Previous Weekly High	1.1089
Previous Weekly Low	1.0942
Previous Monthly High	1.1225
Previous Monthly Low	1.0992
Daily Fibonacci 38.2%	1.0958
Daily Fibonacci 61.8%	1.0969
Daily Pivot Point S1	1.0932
Daily Pivot Point S2	1.0915
Daily Pivot Point S3	1.0889
Daily Pivot Point R1	1.0975
Daily Pivot Point R2	1.1001
Daily Pivot Point R3	1.1018

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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