• The EUR/USD is under heavy downward pressure, as the pair eyes May 2020 swing lows.
  • EUR/USD bulls failure to defend 1.1100, it would open the door towards 1.0775.

After holding above 1.1200 for too many days before USD bulls launched an attack to 2021 yearly low, however, the shared currency barely advances in the day. At the time of writing is trading at 1.1155, climbing 0.10% during the North American session.

EUR/USD Price Forecast: Technical outlook

During the overnight session for North American traders, the EUR/USD seesawed around  1.1140. However, in the European open, the pair dipped to 1.1122, jumping towards the daily high at 1.1173, attributed to USD month-end flows or technical moves, as the US Core PCE came at 4.9%, further emphasizing the need for higher rates on the Federal Funds Rate (FFR).

Weekly chart

The EUR/USD is downward biased, as depicted by the break of a bearish flag, which has 1.1100 as its target. Moreover, the weekly moving averages (WMAs) reside well above the spot price. So, a breach of the June 2020 swing lows at 1.1076 would accelerate a fall towards May 202 swing lows around 1.0775.

Daily chart

The EUR/USD daily chart depicts the pair as also downward biased, as the weekly chart. That said, the daily moving averages (DMAs) reside above the spot price. On January 26, the EUR/USD broke below the bottom trendline of a bearish flag, which gave way for a break of the 2021 yearly low at 1.1186 on Thursday. 

That said, the first support would be the figure at 1.1100. A breach of the latter would expose May 14, 2020, daily low at 1.0775

EUR/USD

Overview
Today last price 1.1154
Today Daily Change 0.0011
Today Daily Change % 0.10
Today daily open 1.1143
 
Trends
Daily SMA20 1.1333
Daily SMA50 1.1309
Daily SMA100 1.1458
Daily SMA200 1.1701
 
Levels
Previous Daily High 1.1244
Previous Daily Low 1.1132
Previous Weekly High 1.1434
Previous Weekly Low 1.1301
Previous Monthly High 1.1386
Previous Monthly Low 1.1222
Daily Fibonacci 38.2% 1.1175
Daily Fibonacci 61.8% 1.1201
Daily Pivot Point S1 1.1102
Daily Pivot Point S2 1.1061
Daily Pivot Point S3 1.099
Daily Pivot Point R1 1.1214
Daily Pivot Point R2 1.1285
Daily Pivot Point R3 1.1326

 

 

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