EUR/USD Price Analysis: Drops towards 1.1380 support confluence

EUR/USD extends the previous day’s pullback from nine-week top.
Doji below the key EMA directs sellers toward 50-day EMA, previous resistance line.
Bullish MACD, key support to challenge sellers afterward.

Anil Panchal FXStreet

EUR/USD takes offers to refresh intraday low around 1.1405, down 0.08% on a day during Monday’s Asian session.

The major currency pair took a U-turn after rising to the highest levels since November 11 the previous day. The downside move could be linked to Thursday’s Doji candlestick formation below the 100-day EMA, as well as the RSI retreat.

As a result, the EUR/USD pair’s latest weakness is likely to extend towards a convergence of the 50-day EMA and the resistance-turned-support line from September 03, around 1.1380. Also increasing the strength of the 1.1380 support are the multiple tops marked since November 16.

During the quote’s weakness past 1.1380, the 1.1350 and the 1.1300 round figures may entertain the sellers ahead of directing them to an upward sloping support line from November 24, around 1.1275 at the latest.

Alternatively, the 100-day EMA level of 1.1483 and the 1.1500 threshold guard the EUR/USD pair’s short-term rebound.

Following that, lows marked during early November and October, respectively near 1.1515 and 1.1525, will challenge the pair buyers.

EUR/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.1408
Today Daily Change	-0.0007
Today Daily Change %	-0.06%
Today daily open	1.1415

Trends
Daily SMA20	1.134
Daily SMA50	1.1333
Daily SMA100	1.1506
Daily SMA200	1.1731

Levels
Previous Daily High	1.1483
Previous Daily Low	1.1399
Previous Weekly High	1.1483
Previous Weekly Low	1.1285
Previous Monthly High	1.1386
Previous Monthly Low	1.1222
Daily Fibonacci 38.2%	1.1431
Daily Fibonacci 61.8%	1.1451
Daily Pivot Point S1	1.1381
Daily Pivot Point S2	1.1348
Daily Pivot Point S3	1.1297
Daily Pivot Point R1	1.1466
Daily Pivot Point R2	1.1516
Daily Pivot Point R3	1.155

Author

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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