EUR/USD Price Analysis: Defends 1.1800 on the way to two-month-old support


  • EUR/USD stays pressured after reversing from three-week-old resistance line.
  • Bearish MACD adds to the downside momentum towards a descending support trend line from early May.
  • Yearly bottom can lure bears below the support line, bulls may refrain entries below horizontal line from March 11.

EUR/USD bears take a breather around 1.1820, following the heaviest daily fall in over two weeks, amid Wednesday’s Asian session. The currency major took a U-turn from a short-term falling trend line the previous day to recall the bears.

The downward trajectory also took clues from bearish MACD, suggesting further weakness towards a descending support line from May 05, around 1.1790-85. However, the 1.1800 threshold may offer an intermediate halt.

If at all the bears remain dominating past 1.1785, the yearly low surrounding the 1.1700 round figure, flashed in March, could return to the charts.

Meanwhile, an upside break of the stated resistance line, around 1.1890, will precede 1.1900 and a horizontal hurdle since early March near 1.1990–2000 to challenge EUR/USD bulls.

It should, however, be noted that a clear upside move past the 1.2000 psychological magnet will be a call to the pair buyers targeting the 1.2100 resistance level, close to early June lows.

Overall, EUR/USD remains on the south run but intermediate bounces can’t be ignored.

EUR/USD: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 1.1821
Today Daily Change -0.0042
Today Daily Change % -0.35%
Today daily open 1.1863
 
Trends
Daily SMA20 1.1979
Daily SMA50 1.2077
Daily SMA100 1.2017
Daily SMA200 1.2003
 
Levels
Previous Daily High 1.188
Previous Daily Low 1.1852
Previous Weekly High 1.1944
Previous Weekly Low 1.1807
Previous Monthly High 1.2254
Previous Monthly Low 1.1845
Daily Fibonacci 38.2% 1.1863
Daily Fibonacci 61.8% 1.1869
Daily Pivot Point S1 1.1849
Daily Pivot Point S2 1.1836
Daily Pivot Point S3 1.182
Daily Pivot Point R1 1.1878
Daily Pivot Point R2 1.1894
Daily Pivot Point R3 1.1907

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD slides under 1.16 as US Retail Sales smash estimates

EUR/USD is trading under 1.16 after US Retail Sales smashed estimates with 0.7% in September. Treasury yields are rising. The risk-on mood continues to underpin the pair, as the ECB policymaker Wunsch dismisses inflation concerns. 

EUR/USD News

GBP/USD retreats below 1.3750 after US data

GBP/USD has pared some of its gains after US Retail Sales beat estimates, with the core group hitting 0.8% last month. Earlier, investors shrugged off dovish comments from two BOE members. 

GBP/USD News

XAU/USD slumps to $1,770 area on upbeat US data, surging US bond yields

Gold started the last day of the week on the back foot and extended its slide to a fresh daily low of $1,770 in the early trading hours of the American session pressured by the dollar's resilience and surging US Treasury bond yields.

Gold News

Crypto bulls on winning streak pushing for more

Bitcoin price favors bulls reaching $60,000 by the end of this week and onwards to new all-time highs by the end of next week. Ethereum price broke a bearish top line and could hit new all-time highs by next week in tandem with Bitcoin. 

Read more

Why is Tesla going up?

Tesla's (TSLA) stock price has finally pushed higher in a series of steady and sure moves. We had nearly given up on our bullish call with Tesla stock as it kept struggling around the $800 level.

Read more

Forex MAJORS

Cryptocurrencies

Signatures