EUR/USD Price Analysis: Do not rule out a move to 1.16 just yet

EUR/USD extends the downside to the vicinity of 1.1700.
Bets for a deeper retracement below 1.17 keep rising.

Pablo Piovano FXStreet

EUR/USD navigates the area of fresh multi-day lows in the 1.1700 neighbourhood on the back of the prevailing risk aversion atmosphere.

The continuation of the downtrend seems likely in the very near-term. A breach of the key contention area in the 1.1700/1.1685 area could pave the way for a retracement to the September’s low at 1.1612.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1310.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1704
Today Daily Change	58
Today Daily Change %	-0.36
Today daily open	1.1746

Trends
Daily SMA20	1.1777
Daily SMA50	1.1793
Daily SMA100	1.1647
Daily SMA200	1.1309

Levels
Previous Daily High	1.1799
Previous Daily Low	1.1718
Previous Weekly High	1.1881
Previous Weekly Low	1.1703
Previous Monthly High	1.2011
Previous Monthly Low	1.1612
Daily Fibonacci 38.2%	1.1749
Daily Fibonacci 61.8%	1.1768
Daily Pivot Point S1	1.171
Daily Pivot Point S2	1.1673
Daily Pivot Point S3	1.1628
Daily Pivot Point R1	1.1791
Daily Pivot Point R2	1.1836
Daily Pivot Point R3	1.1872

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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