• 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.

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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD holds above 1.0700 after US inflation data

EUR/USD holds above 1.0700 after US inflation data

EUR/USD stays in the lower half of its daily range but continues to trade above 1.0700 in the early American session on Friday. The data from the US showed that the annual Core PCE Price Index declined to 4.9% in April as expected, making it difficult for the dollar to gather strength.

EUR/USD News

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD clings to daily gains above 1.2600 and remains on track to end the week in positive territory. The greenback struggles to attract investors after the data from the US showed that PCE inflation softened in April. 

GBP/USD News

Gold pulls away from daily highs, holds above $1,850

Gold pulls away from daily highs, holds above $1,850

Gold has lost its traction in the second half of the day on Friday and declined toward the $1,850 area. The benchmark 10-year US Treasury bond yield staged a modest rebound on the US PCE inflation data, not allowing XAU/USD to preserve its bullish momentum.

Gold News

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA fork proposal has passed with 65.5% votes, Revival Plan 2 in action without algorithmic stablecoin UST. LUNA price could wipe out losses incurred by holders in the colossal crash of LUNC and UST. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures