EUR/USD Price Analysis: Bears take a breather ahead of 1.1300 key support

EUR/USD holds lower grounds at weekly bottom after the biggest daily loss in two weeks.
50-DMA, two-month-old rising support line confine further declines.
Clear break of horizontal area from November, MACD conditions keeps sellers hopeful.
Buyers remain away until the quote stays below 100-DMA.

Anil Panchal FXStreet

EUR/USD seesaws around 1.1320-25 during early Wednesday morning in Asia, having dropped the most in 12 days the previous day.

The major currency pair’s slump on Tuesday dragged MACD towards teasing the bears while breaking a two-month-long resistance-turned-support area of around 1.1380-85.

However, the 50-DMA level surrounding 1.1325 restricts the EUR/USD pair’s immediate declines ahead of an upward sloping support line from late November, close to 1.1300 at the latest.

Given the MACD conditions and a clear break of the key supports, EUR/USD prices are likely to conquer the 1.1300 support line, which in turn could drag the quote towards the 2021 bottom surrounding 1.1185.

During the fall, the 1.1230 and the 1.1200 threshold may offer an intermediate halt.

On the contrary, corrective pullback remains elusive below the horizontal area from November 16, near 1.1380-85.

Following that, the 50% Fibonacci retracement (Fibo.) level of October-November 2021 downside, near 1.1440, will test the EUR/USD buyers.

Even if the pair prices rise beyond 1.1440, 100-DMA and 61.8% Fibo. level, respectively around 1.1490 and 1.1500, will be tough resistances to break for the bulls.

EUR/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.1325
Today Daily Change	-0.0082
Today Daily Change %	-0.72%
Today daily open	1.1407

Trends
Daily SMA20	1.1346
Daily SMA50	1.133
Daily SMA100	1.1502
Daily SMA200	1.1729

Levels
Previous Daily High	1.1434
Previous Daily Low	1.1392
Previous Weekly High	1.1483
Previous Weekly Low	1.1285
Previous Monthly High	1.1386
Previous Monthly Low	1.1222
Daily Fibonacci 38.2%	1.1408
Daily Fibonacci 61.8%	1.1418
Daily Pivot Point S1	1.1388
Daily Pivot Point S2	1.1368
Daily Pivot Point S3	1.1345
Daily Pivot Point R1	1.143
Daily Pivot Point R2	1.1454
Daily Pivot Point R3	1.1473

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.

GBP/USD stays below 1.3400 after soft UK CPI data

GBP/USD struggles to gain traction and stays below 1.3400 in the second half of the day on Wednesday. The UK annual Consumer Price Index (CPI) inflation cooled to 2.6% in June against the market forecast of 2.7%, making it difficult for the British Pound gather recovery momentum. Meanwhile, investors keep a close eye on headlines coming out of the Middle East.

EUR/USD stabilizes near 1.1400 as markets focus on geopolitics

EUR/USD trades in a narrow channel at around 1.1400 on Wednesday. In the absence of high-impact data releases, escalating geopolitical tensions in the Middle East caps the pair's upside. On Thursday, the European Central Bank (ECB) will announce monetary policy decisions.

Gold extends rally as Middle East concerns intensify

Gold extends gains for the fourth consecutive day, standing comfortably above $4,100, unfazed by the risk-off market amid rising tensions in Iran and higher Oil prices. The pair has rallied nearly 2.5% so far this week and is on track for its best weekly performance in more than three months.

XRP consolidates as inflows and volume climb

Ripple (XRP) retains a slightly bullish outlook on Wednesday despite logging a minor correction from the supply range near $1.15. The remittance token is down 0.5% on the day, reflecting a broader cryptocurrency market drawdown, primarily driven by persistent geopolitical tensions between the United States (US) and Iran in the Middle East.

US – Fed preview: A divided hold

The first month after Kevin Warsh's debut at the FOMC's June meeting has brought mixed signals on the inflation front. On one hand, the re-escalation of the war in Iran has lifted energy prices higher again. Yet on the other hand, Warsh's hawkish comments have already lifted real rates, supported broad USD and tightened financial conditions while realized inflation surprised to the downside in June.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.