EUR/USD Price Analysis: Bears take out 61.8% Fib support

EUR/USD closed under key Fibonacci support on Friday.
The pair risks falling to recent lows near 1.0630 in the short-term.
A descending trendline hurdle is a level to beat for the bulls.

Omkar Godbole FXStreet Contributor

EUR/USD closed in the red for the fifth straight day on Friday, extending the sell-off from the March 27 high of 1.1148.

More importantly, the bears established a strong foothold under 1.0831, which is the 61.8% Fibonacci retracement of the rally from 1.0636 to 1.1148, with a weekly close under the key support.

At press time, the pair is trading largely unchanged on the day near 1.0805, having faced rejection at 1.0822 a few hours ago.

The path of least resistance is to the downside. A violation at Friday's low of 1.0773 would bolster the bearish setup and expose the March low of 1.0636.

The bearish bias would be invalidated if the trendline falling from recent highs is breached. As of writing, that trendline resistance is located near 1.09.

Daily chart

4-hour chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.0808
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.0806

Trends
Daily SMA20	1.1002
Daily SMA50	1.0987
Daily SMA100	1.1045
Daily SMA200	1.1071

Levels
Previous Daily High	1.0865
Previous Daily Low	1.0773
Previous Weekly High	1.1144
Previous Weekly Low	1.0773
Previous Monthly High	1.1497
Previous Monthly Low	1.0636
Daily Fibonacci 38.2%	1.0808
Daily Fibonacci 61.8%	1.083
Daily Pivot Point S1	1.0764
Daily Pivot Point S2	1.0722
Daily Pivot Point S3	1.0672
Daily Pivot Point R1	1.0857
Daily Pivot Point R2	1.0907
Daily Pivot Point R3	1.0949

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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