EUR/USD Price Analysis: Bounces off multi-month low to regain 1.0700

EUR/USD recovers from the three-year low.
50-HMA, three-day-old resistance line cap immediate upside.
Sellers will wait for entry below 1.0630.

Anil Panchal FXStreet

Following its initial drop to a 35-month low, EUR/USD marks 0.13% gains to 1.0711, with an intraday high of 1.0720, amid the early Monday.

While taking supports from bullish MACD, the pair heads to 50-HMA and a short-term falling trend line resistance, around 1.0750, a break of which could escalate the recovery moves to 1.0980.

In a case where buyers manage to dominate past-1.0980, the previous week’s top near 1.1240 could return to the charts.

On the contrary, the pair’s declines below the immediate descending trend line support, at 1.0630, holds the key to its further downside towards 1.0600 and February 2017 low near 1.0490.

EUR/USD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.0712
Today Daily Change	16 pips
Today Daily Change %	0.15%
Today daily open	1.0696

Trends
Daily SMA20	1.107
Daily SMA50	1.1022
Daily SMA100	1.1057
Daily SMA200	1.1091

Levels
Previous Daily High	1.0831
Previous Daily Low	1.0638
Previous Weekly High	1.1237
Previous Weekly Low	1.0638
Previous Monthly High	1.1089
Previous Monthly Low	1.0778
Daily Fibonacci 38.2%	1.0757
Daily Fibonacci 61.8%	1.0712
Daily Pivot Point S1	1.0612
Daily Pivot Point S2	1.0528
Daily Pivot Point S3	1.0419
Daily Pivot Point R1	1.0806
Daily Pivot Point R2	1.0915
Daily Pivot Point R3	1.0999

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.

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