- EUR/USD corrects lower and tumbles to 1.0270.
- Further upside is expected beyond 1.0370/80.
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
|Today last price||1.0271|
|Today Daily Change||58|
|Today Daily Change %||-0.47|
|Today daily open||1.0319|
|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|
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