EUR/USD Price Analysis: Bottomed out at 1.0780?

EUR/USD is now attempting to extend the rebound from YTD lows.
Rallies are seen struggling initially in the 1.0885/90 band.

Pablo Piovano FXStreet

EUR/USD has managed to regain some traction after recording fresh 2020 lows in the 1.0780 region earlier in the week.

In the meantime, extreme “oversold” conditions, as per the RSI indicator, could spark occasional bouts of strength that should face an initial hurdle in the 1.0890 region, where sits a Fibo retracement of the 2020 drop and the October 2019 low.

On the broader scenario, the bearish view remains unchanged as long as the spot trades below the 55-day SMA, today at 1.1050.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0804
Today Daily Change	37
Today Daily Change %	0.13
Today daily open	1.079

Trends
Daily SMA20	1.0942
Daily SMA50	1.1055
Daily SMA100	1.1061
Daily SMA200	1.1107

Levels
Previous Daily High	1.0821
Previous Daily Low	1.0778
Previous Weekly High	1.0958
Previous Weekly Low	1.0827
Previous Monthly High	1.1225
Previous Monthly Low	1.0992
Daily Fibonacci 38.2%	1.0794
Daily Fibonacci 61.8%	1.0805
Daily Pivot Point S1	1.0771
Daily Pivot Point S2	1.0753
Daily Pivot Point S3	1.0728
Daily Pivot Point R1	1.0815
Daily Pivot Point R2	1.084
Daily Pivot Point R3	1.0858

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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