EUR/USD Price Analysis: Euro hits lowest since November 2020

Omkar Godbole FXStreet Contributor

EUR/USD clocked a low of 1.1835 a few minutes before press time. That was the lowest level in four months.

The 14-day Relative Strength Index (RSI) has dropped below 30, indicating oversold conditions for the first since February 2020.

However, the indicator needs validation from the price chart, which is currently showing no signs of bear fatigue. Two of the four red candles created over the past four trading days have little or no wicks. It indicates the sellers are in control.

Also, the downward momentum looks strong with the 5- and 10-day Simple Moving Averages (SMA) trending south.

The pair appears set to test the 200-day SMA, currently at 1.1816. A violation there would expose 1.1695, which is the 38.2% Fibonacci retracement of the rally from 1.0636 to 1.2349.

The hourly chart shows a bullish divergence of the RSI. As such, a minor bounce may be seen before a drop to the 200-day SMA.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.1844
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	1.1845

Trends
Daily SMA20	1.208
Daily SMA50	1.2124
Daily SMA100	1.204
Daily SMA200	1.1825

Levels
Previous Daily High	1.1932
Previous Daily Low	1.1845
Previous Weekly High	1.2113
Previous Weekly Low	1.1893
Previous Monthly High	1.2243
Previous Monthly Low	1.1952
Daily Fibonacci 38.2%	1.1878
Daily Fibonacci 61.8%	1.1899
Daily Pivot Point S1	1.1816
Daily Pivot Point S2	1.1787
Daily Pivot Point S3	1.1729
Daily Pivot Point R1	1.1903
Daily Pivot Point R2	1.1961
Daily Pivot Point R3	1.199

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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