EUR/USD Price Analysis: Braces for a bumpy road to 1.1186

EUR/USD retreats from weekly resistance line, 200-HMA amid receding bullish bias of MACD.
61.8% Fibonacci retracement, three-week-long support line to test short-term bears.
Monthly horizontal area adds to the upside filters.

Anil Panchal FXStreet

EUR/USD remains depressed around 1.1285-80 after a negative start to the week.

The major currency pair’s pullback on Monday could be linked to the U-turn from a one-week-old descending trend line as the MACD fades bullish bias. However, 50% Fibonacci retracement (Fibo.) of November 24-30 upside restricts the quote’s immediate moves.

In addition to the 1.1280 nearby support, the 61.8% Fibo. level close to 1.1260 and an upward sloping trend line from November 24, close to 1.1245, also challenge the EUR/USD sellers.

Furthermore, a horizontal area comprising multiple lows marked since November 25, near 1.1225, will precede the 1.1200 threshold before directing the pair to the 2021 bottom of 1.1186.

Meanwhile, recovery moves will initially be challenged by the 200-HMA level of 1.1300 before the weekly resistance line, around 1.1305, plays its role.

Even if the EUR/USD prices cross the $1,305 hurdle, it needs to refresh the monthly high, currently around 1.1360, before recalling the bulls.

To sum up, EUR/USD bears keeps reins but have a bumpy road to travel during the key week.

EUR/USD: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.1285
Today Daily Change	0.0001
Today Daily Change %	0.01%
Today daily open	1.1284

Trends
Daily SMA20	1.1293
Daily SMA50	1.1461
Daily SMA100	1.1614
Daily SMA200	1.1795

Levels
Previous Daily High	1.1319
Previous Daily Low	1.126
Previous Weekly High	1.1355
Previous Weekly Low	1.1228
Previous Monthly High	1.1616
Previous Monthly Low	1.1186
Daily Fibonacci 38.2%	1.1283
Daily Fibonacci 61.8%	1.1297
Daily Pivot Point S1	1.1256
Daily Pivot Point S2	1.1229
Daily Pivot Point S3	1.1197
Daily Pivot Point R1	1.1316
Daily Pivot Point R2	1.1347
Daily Pivot Point R3	1.1375

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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