EUR/USD Price Analysis: Extra gains need to clear 1.0370/80

EUR/USD corrects lower and tumbles to 1.0270.
Further upside is expected beyond 1.0370/80.

Pablo Piovano FXStreet

EUR/USD comes under pressure and breaks below 1.0300 after four daily gains in a row on Friday.

Despite the knee-jerk, the continuation of the uptrend looks favoured in the very short term. That said, the pair needs to clear the August high at 1.0368 (August 10) as well as the 6-month resistance line around 1.0380 to open the door to a probable move to the 100-day SMA, today at 1.0522.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0894.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0271
Today Daily Change	58
Today Daily Change %	-0.47
Today daily open	1.0319

Trends
Daily SMA20	1.0203
Daily SMA50	1.0338
Daily SMA100	1.0532
Daily SMA200	1.0903

Levels
Previous Daily High	1.0365
Previous Daily Low	1.0276
Previous Weekly High	1.0294
Previous Weekly Low	1.0123
Previous Monthly High	1.0486
Previous Monthly Low	0.9952
Daily Fibonacci 38.2%	1.0331
Daily Fibonacci 61.8%	1.0309
Daily Pivot Point S1	1.0275
Daily Pivot Point S2	1.0231
Daily Pivot Point S3	1.0186
Daily Pivot Point R1	1.0364
Daily Pivot Point R2	1.0409
Daily Pivot Point R3	1.0453

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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