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EUR/USD Price Analysis: Drops back below 100-HMA, eyes on 1.1350-48

  • EUR/USD consolidates previous day’s gains, refreshes intraday low of late.
  • 23.6% Fibonacci retracement, two-day-old support line limit immediate downside.
  • Confluence of 200-HMA, 50.0% Fibonacci retracement level offer tough nut to crack for the bulls.

EUR/USD pares heaviest daily gains of November, marked the previous day, during early Friday. In doing so, the major currency pair refreshes intraday low to 1.1359 while declining below 100-HMA.

Given the RSI retreat and a likely bearish cross of the MACD line, the latest weakness is expected to stretch towards 1.1350-48 support convergence, comprising a two-day-old support line and 23.6% Fibonacci retracement (Fibo.) of November 09-17 downtrend.

Even if the quote stretches the latest weakness past 1.1348, the previous resistance line from November 09, around 1.1315, adds to the downside filters before directing the quote to the yearly low of 1.1263.

Alternatively, buyers will wait for a clear break of the previous day’s high near 1.1375 for re-entry. Following that, a joint of the 200-HMA and 50.0% Fibo. near 1.1440 will be crucial for the EUR/USD pair’s further upside.

Also acting as an additional challenge to the bulls is the 61.8% Fibonacci retracement level near 1.1480.

EUR/USD: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price1.1361
Today Daily Change-0.0012
Today Daily Change %-0.11%
Today daily open1.1373
 
Trends
Daily SMA201.1527
Daily SMA501.1606
Daily SMA1001.1704
Daily SMA2001.1863
 
Levels
Previous Daily High1.1374
Previous Daily Low1.1314
Previous Weekly High1.1609
Previous Weekly Low1.1433
Previous Monthly High1.1692
Previous Monthly Low1.1524
Daily Fibonacci 38.2%1.1351
Daily Fibonacci 61.8%1.1337
Daily Pivot Point S11.1333
Daily Pivot Point S21.1293
Daily Pivot Point S31.1273
Daily Pivot Point R11.1393
Daily Pivot Point R21.1414
Daily Pivot Point R31.1454

Author

Anil Panchal

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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