EUR/USD Price Analysis: Bears struggle below 1.1700 amid oversold RSI

EUR/USD bears take a breather around fresh monthly low.
Oversold RSI, multi-day-old support lines challenge further downside.
20-day EMA, monthly resistance line will gain attention during corrective pullback.

Anil Panchal FXStreet

EUR/USD seesaws around the monthly low near 1.1690 amid a sluggish start to Thursday’s Asian session.

In doing so, the currency major pair struggles to extend the Fed-led fall as RSI conditions turn oversold. However, the quote remains below the short-term key resistance confluence including 20-day EMA and a descending trend line from September 03, which in turn keeps bears hopeful.

Hence, recovery moves remain elusive below 1.1770, a break of which will aim for the 1.1830 resistance and 61.8% Fibonacci retracement (Fibo.) of November 2020 to January 2021 upside, near 1.1890.

Though, any further upside needs validation from the double tops around 1.1910.

Meanwhile, a 10-month-long rising support line, near 1.1670, may challenge the quote’s short-term weakness ahead of a downward sloping trend line from March close to 1.1650.

Even if the EUR/USD bears refrain from stepping back from 1.1650, November 2020 bottom near 1.1600 will be the key level to watch.

EUR/USD: Daily chart

Trend: Short-covering moves expected

Additional important levels

Overview
Today last price	1.1694
Today Daily Change	-0.0032
Today Daily Change %	-0.27%
Today daily open	1.1726

Trends
Daily SMA20	1.1803
Daily SMA50	1.1792
Daily SMA100	1.192
Daily SMA200	1.1987

Levels
Previous Daily High	1.1749
Previous Daily Low	1.1715
Previous Weekly High	1.1846
Previous Weekly Low	1.1724
Previous Monthly High	1.19
Previous Monthly Low	1.1664
Daily Fibonacci 38.2%	1.1736
Daily Fibonacci 61.8%	1.1728
Daily Pivot Point S1	1.1711
Daily Pivot Point S2	1.1696
Daily Pivot Point S3	1.1677
Daily Pivot Point R1	1.1745
Daily Pivot Point R2	1.1764
Daily Pivot Point R3	1.1778

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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