EUR/USD Price Analysis: Bears retain control at two-decade low

EUR/USD pares intraday losses after refreshing 20-year low.
Six-month-old bearish channel, clear downside break of two-month-long support line favor bears.
Oversold RSI conditions, descending support line from late July tests sellers.
Recovery remains elusive below the parity level, early 2001 levels may offer extra downside filters.

Anil Panchal FXStreet

EUR/USD dropped to the lowest levels since June 2002 before recently bouncing back to 0.9660 during Monday’s Asian session. Even so, the bearish chart formation and sustained trading below the previous key support line from July, now resistance around 0.9830, keeps the pair sellers hopeful.

That said, the recovery moves towards the 0.9830 hurdle can also take clues from the recently oversold RSI (14).

However, the EUR/USD bulls will have to cross the upper line of the bearish channel from March, around 1.0015 by the press time, to convince the buyers to take entry.

Following that, a run-up towards the monthly high near 1.0200 can’t be ruled out.

Alternatively, a daily closing below the downward sloping trend line from July 27, at 0.9640 by the press time, could revisit the January 2001 peak surrounding 0.9600 before dropping towards the support line of the aforementioned channel near 0.9480.

Overall, EUR/USD bears keep the reins but the corrective pullback towards 0.9830 can’t be ruled out.

EUR/USD: Daily chart

Trend: Bearish

additional important levels

Overview
Today last price	0.9653
Today Daily Change	-0.0037
Today Daily Change %	-0.38%
Today daily open	0.969

Trends
Daily SMA20	0.9964
Daily SMA50	1.008
Daily SMA100	1.0284
Daily SMA200	1.0695

Levels
Previous Daily High	0.9852
Previous Daily Low	0.9668
Previous Weekly High	1.0051
Previous Weekly Low	0.9668
Previous Monthly High	1.0369
Previous Monthly Low	0.9901
Daily Fibonacci 38.2%	0.9738
Daily Fibonacci 61.8%	0.9782
Daily Pivot Point S1	0.9621
Daily Pivot Point S2	0.9553
Daily Pivot Point S3	0.9437
Daily Pivot Point R1	0.9805
Daily Pivot Point R2	0.9921
Daily Pivot Point R3	0.9989

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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