EUR/USD Price Analysis: Euro slips to 1.0900 on Monday’s Doji, downbeat MACD signals

EUR/USD renews intraday low after an unimpressive week-start, lures bears amid sluggish session.
Monday’s Doji candlestick, looming bear cross on MACD direct Euro sellers towards five-week-old rising support line.
Seven-day-long falling trend line guards immediate recovery; 50-DMA acts as additional downside filters.

Anil Panchal FXStreet

EUR/USD takes offers to refresh the intraday low near 1.0905 as it justifies the previous day’s bearish candlestick formation, as well as downbeat MACD signals, during a sluggish Tuesday morning due to the US Independence Day holiday.

Also read: EUR/USD floats above 1.0870-65 support confluence as softer US data prods hawkish Fed bias

That said, the Euro pair portrayed an indecisive closing the previous day while reversing from 1.0934, after an upbeat start of the week, which in turn marked a bearish Doji candlestick on the daily chart, suggesting a reversal of Friday’s recovery.

Additionally favoring the EUR/USD bears is the quote’s sustained trading below a downward-sloping resistance line from June 22, close to 1.0920 at the latest.

It’s worth noting that the impending bear cross on the MACD indicator adds strength to the downside bias surrounding the Euro pair.

With this, the EUR/USD price appears well-set to prod a five-week-old rising support line, near 1.0870. However, the 50-DMA acts as an extra filter toward the south and challenges the EUR/USD bears near 1.0865.

In a case where the EUR/USD remains bearish past 1.0865, Friday’s bottom of 1.0835 can act as the final defense of the Euro bulls.

On the flip side, a daily closing beyond the 1.0920 resistance can trigger a run-up toward the 1.1000 psychological magnet before directing the bulls toward the previous monthly high of around 1.1015.

It should be noted that the EUR/USD pair’s rise past 1.1015 enables it to challenge the yearly peak of 1.1095.

EUR/USD: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.0906
Today Daily Change	-0.0006
Today Daily Change %	-0.05%
Today daily open	1.0912

Trends
Daily SMA20	1.0867
Daily SMA50	1.0869
Daily SMA100	1.0821
Daily SMA200	1.0597

Levels
Previous Daily High	1.0934
Previous Daily Low	1.087
Previous Weekly High	1.0977
Previous Weekly Low	1.0835
Previous Monthly High	1.1012
Previous Monthly Low	1.0662
Daily Fibonacci 38.2%	1.091
Daily Fibonacci 61.8%	1.0895
Daily Pivot Point S1	1.0876
Daily Pivot Point S2	1.0842
Daily Pivot Point S3	1.0813
Daily Pivot Point R1	1.094
Daily Pivot Point R2	1.0969
Daily Pivot Point R3	1.1004

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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