EUR/USD Price Analysis: Dips below 1.0900, though retains bullish bias on daily chart

EUR/USD is bullish despite falling to a three-day low.
The daily chart portrays the formation of a bullish hammer, which could pave the way to challenge 1.1000.
A bearish resumption would happen if EUR/USD stays below 1.0900.

Christian Borjon Valencia FXStreet

The Euro (EUR) dropped to a three-day low against the US Dollar (USD), though it remains bullish according to the daily chart, as Wednesday’s price action formed a ‘hammer’ preceded by a downtrend. Although it warrants further upside is expected, the break of crucial resistance levels must be achieved to extend the rally. The EUR/USD trades at 1.0884, down 0.03%.

To cement the uptrend, EUR/USD buyers need to reclaim the 1.0900 figure. Once done, the next resistance level would be the November 21 swing high at 1.0965, followed by the 1.1000 figure. A breach of the latter would expose the August 10 high at 1.1065.

Conversely, if EUR/USD stays below 1.0900 and extends its losses past the November 22 low of 1.0852, that could exacerbate the pair’s drop to challenge the 200-day moving average (DMA) at 1.0808. If buyers surrender the latter, the major would fall toward the 1.0700 mark.

EUR/USD Price Analysis – Daily Chart

EUR/USD Technical Levels

EUR/USD

Overview
Today last price	1.0886
Today Daily Change	-0.0026
Today Daily Change %	-0.24
Today daily open	1.0912

Trends
Daily SMA20	1.0716
Daily SMA50	1.064
Daily SMA100	1.0792
Daily SMA200	1.0807

Levels
Previous Daily High	1.0965
Previous Daily Low	1.09
Previous Weekly High	1.0909
Previous Weekly Low	1.0665
Previous Monthly High	1.0695
Previous Monthly Low	1.0448
Daily Fibonacci 38.2%	1.0925
Daily Fibonacci 61.8%	1.094
Daily Pivot Point S1	1.0886
Daily Pivot Point S2	1.0861
Daily Pivot Point S3	1.0821
Daily Pivot Point R1	1.0951
Daily Pivot Point R2	1.0991
Daily Pivot Point R3	1.1016

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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