TRENDING:

GBP/USD

XAU/USD

EUR/USD Price Analysis: Euro hits lowest level since April 2017

EUR/USD has dropped to the levels last seen in April 2017.
The weekly candle indicate the path of least resistance is to the downside.
Short-term oversold conditions suggest scope for a corrective bounce.

Omkar Godbole FXStreet Contributor

EUR/USD breached support at 1.0839 a few minutes before press time and fell to 1.0827, the lowest levels since April 2017.

The bearish trend looks quite strong with the weekly candle carrying little or no wicks, similar to last week's big bearish "marubozu" candle.

That said, the 14-day relative strength index (RSI) is now reporting oversold conditions and the hourly chart RSI is printing higher lows, contradicting lower lows on price (bullish divergence).

As a result, a corrective bounce may be seen before further declines toward levels below 1.08.

An oversold bounce, if any, could challenge the former hourly chart support-turned-resistance of 1.0865, above which the focus would shift to the descending or bearish 50-hour average at 1.0880.

Daily chart

Hourly chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.0836
Today Daily Change	-0.0005
Today Daily Change %	-0.05
Today daily open	1.0841

Trends
Daily SMA20	1.101
Daily SMA50	1.1084
Daily SMA100	1.1067
Daily SMA200	1.1117

Levels
Previous Daily High	1.0889
Previous Daily Low	1.0834
Previous Weekly High	1.1089
Previous Weekly Low	1.0942
Previous Monthly High	1.1225
Previous Monthly Low	1.0992
Daily Fibonacci 38.2%	1.0855
Daily Fibonacci 61.8%	1.0868
Daily Pivot Point S1	1.0821
Daily Pivot Point S2	1.08
Daily Pivot Point S3	1.0766
Daily Pivot Point R1	1.0875
Daily Pivot Point R2	1.091
Daily Pivot Point R3	1.093

Author

Omkar Godbole

FXStreet Contributor

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

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD rebounds after falling toward 1.1700

EUR/USD gains traction and trades above 1.1730 in the American session, looking to end the week virtually unchanged. The bullish opening in Wall Street makes it difficult for the US Dollar to preserve its recovery momentum and helps the pair rebound heading into the weekend.

GBP/USD steadies below 1.3400 as traders assess BoE policy outlook

Following Thursday's volatile session, GBP/USD moves sideways below 1.3400 on Friday. Investors reassess the Bank of England's policy oıtlook after the MPC decided to cut the interest rate by 25 bps by a slim margin. Meanwhile, the improving risk mood helps the pair hold its ground.

Gold stays below $4,350, looks to post small weekly gains

Gold struggles to gather recovery momentum and stays below $4,350 in the second half of the day on Friday, as the benchmark 10-year US Treasury bond yield edges higher. Nevertheless, the precious metal remains on track to end the week with modest gains as markets gear up for the holiday season.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid bearish market conditions

Bitcoin (BTC) is edging higher, trading above $88,000 at the time of writing on Monday. Altcoins, including Ethereum (ETH) and Ripple (XRP), are following in BTC’s footsteps, experiencing relief rebounds following a volatile week.

How much can one month of soft inflation change the Fed’s mind?

One month of softer inflation data is rarely enough to shift Federal Reserve policy on its own, but in a market highly sensitive to every data point, even a single reading can reshape expectations. November’s inflation report offered a welcome sign of cooling price pressures.

XRP rebounds amid ETF inflows and declining retail demand demand

XRP rebounds as bulls target a short-term breakout above $2.00 on Friday. XRP ETFs record the highest inflow since December 8, signaling growing institutional appetite.