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