EUR/USD Price Analysis: Expected to remain volatile ahead of key events

EUR/USD bounces off lows near the 1.0800 mark.
Bets for another test of the 2023 high seem to be losing ground.

Pablo Piovano FXStreet

EUR/USD manages to reverse the earlier pullback to 2-week lows near the 1.0800 region on Tuesday.

If the downside picks up pace, then the next support of note is seen emerging at the weekly low at 1.0766 (January 18) prior to the 3-month support line just above 1.0700.

The continuation of the uptrend now needs to clear the 2023 high at 1.0929 (January 26) to allow for a test of the weekly top at 1.0936 (April 21 2022). A sustainable break above this level could pave the way for a challenge of the key barrier at 1.1000

In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0311.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0851
Today Daily Change	61
Today Daily Change %	0.05
Today daily open	1.0846

Trends
Daily SMA20	1.0779
Daily SMA50	1.0636
Daily SMA100	1.0284
Daily SMA200	1.0312

Levels
Previous Daily High	1.0914
Previous Daily Low	1.0839
Previous Weekly High	1.093
Previous Weekly Low	1.0835
Previous Monthly High	1.0736
Previous Monthly Low	1.0393
Daily Fibonacci 38.2%	1.0868
Daily Fibonacci 61.8%	1.0885
Daily Pivot Point S1	1.0819
Daily Pivot Point S2	1.0792
Daily Pivot Point S3	1.0744
Daily Pivot Point R1	1.0893
Daily Pivot Point R2	1.0941
Daily Pivot Point R3	1.0968

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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