EUR/USD Price Analysis: Euro defends big support

EUR/USD reverses higher from support at 1.1757 to 1.1770.
A close below 1.1757 would confirm a channel breakdown or major bearish reversal pattern.

Omkar Godbole FXStreet Contributor

EUR/USD has bounced up from the lower end of a daily chart expanding sideways channel.

The pair is currently trading largely unchanged on the day near 1.1770, having defended the channel support at 1.1757 a few minutes before press time.

If confirmed with a daily close under 1.1757, a channel breakdown would mean the rally from lows under 1.08 seen in May has ended, and the bears have regained control.

That possibility cannot be ruled out as long as the 14-day relative strength index's downtrend line is intact.

Key support levels to watch out for this week are the lower end of the channel at 1.1757 and the 50-day simple moving average located at 1.1677. Meanwhile, the 50-hour SMA at 1.1809 and the psychological level of 1.19 are crucial hurdles.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.177
Today Daily Change	-0.0007
Today Daily Change %	-0.06
Today daily open	1.1777

Trends
Daily SMA20	1.1845
Daily SMA50	1.1667
Daily SMA100	1.136
Daily SMA200	1.1193

Levels
Previous Daily High	1.1828
Previous Daily Low	1.1766
Previous Weekly High	1.2011
Previous Weekly Low	1.1781
Previous Monthly High	1.1966
Previous Monthly Low	1.1696
Daily Fibonacci 38.2%	1.1789
Daily Fibonacci 61.8%	1.1804
Daily Pivot Point S1	1.1753
Daily Pivot Point S2	1.1728
Daily Pivot Point S3	1.1691
Daily Pivot Point R1	1.1814
Daily Pivot Point R2	1.1852
Daily Pivot Point R3	1.1876

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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