EUR/USD Price Analysis: Downward bias could extend to 1.0516

EUR/USD slips back to the 1.0660 region, or multi-week lows.
Further losses below 1.0600 exposes the March low.

Pablo Piovano FXStreet

EUR/USD quickly leaves behind Tuesday’s decent advance and resumes the downtrend on Wednesday.

The pair remains under heavy pressure and a breach of the May low at 1.0658 (May 31) could open the door to a test of the round level at 1.0600 prior to the March low at 1.0516 (March 15).

A deeper pullback to the 2023 low at 1.0481 (January 6) would likely need a sharp deterioration of the outlook, which appears not favoured for the time being.

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0492.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.068
Today Daily Change	77
Today Daily Change %	-0.50
Today daily open	1.0734

Trends
Daily SMA20	1.0859
Daily SMA50	1.0903
Daily SMA100	1.0816
Daily SMA200	1.049

Levels
Previous Daily High	1.0747
Previous Daily Low	1.0672
Previous Weekly High	1.0831
Previous Weekly Low	1.0702
Previous Monthly High	1.1095
Previous Monthly Low	1.0788
Daily Fibonacci 38.2%	1.0718
Daily Fibonacci 61.8%	1.0701
Daily Pivot Point S1	1.0689
Daily Pivot Point S2	1.0644
Daily Pivot Point S3	1.0615
Daily Pivot Point R1	1.0763
Daily Pivot Point R2	1.0792
Daily Pivot Point R3	1.0837

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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