• EUR/USD holds lower ground after breaking a three-week-old ascending trend line.
  • Impending bear cross on MACD, U-turn from five-month-long resistance line adds strength to bearish bias.
  • 61.8% Fibonacci retracement level lures sellers, bulls need validation from monthly top.

EUR/USD remains depressed around 1.0340, following the biggest daily fall in a week. In doing so, the major currency pair also justifies the previous day’s downside break of a three-week-old support line.

Not only the trend-line break but the looming bear cross on the MACD and the EUR/USD pair’s U-turn from the downward-sloping resistance line from late June, around 1.0475, also keeps the bears hopeful.

That said, the pair’s latest weakness aims at the 61.8% Fibonacci retracement level of May-September downside, near 1.0310.

Following that, the previous weekly low and tops marked in September, respectively around 1.0225 and 1.0200, could lure the EUR/USD sellers.

Alternatively, recovery needs to stay beyond the support-turned-resistance, around 1.0410, to lure the short-term EUR/USD buyers. Even so, the multi-day-old descending resistance line, around 1.0475, could stop the quote’s further advances.

Even if the quote stays firmer past 1.0475, the monthly high near 1.0500 appears the last defense of the EUR/USD bears.

Overall, EUR/USD remains on the bear’s radar even if the downside room appears limited.

EUR/USD: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 1.0339
Today Daily Change -0.0070
Today Daily Change % -0.67%
Today daily open 1.0409
 
Trends
Daily SMA20 1.0175
Daily SMA50 0.9964
Daily SMA100 1.0031
Daily SMA200 1.0389
 
Levels
Previous Daily High 1.0429
Previous Daily Low 1.0355
Previous Weekly High 1.0449
Previous Weekly Low 1.0223
Previous Monthly High 1.0094
Previous Monthly Low 0.9632
Daily Fibonacci 38.2% 1.0383
Daily Fibonacci 61.8% 1.0401
Daily Pivot Point S1 1.0366
Daily Pivot Point S2 1.0323
Daily Pivot Point S3 1.0292
Daily Pivot Point R1 1.0441
Daily Pivot Point R2 1.0472
Daily Pivot Point R3 1.0515

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD holds steady below 1.0800 ahead of EU data

EUR/USD holds steady below 1.0800 ahead of EU data

EUR/USD is holding steady just shy of the 1.0800 mark in the early European morning. The US Dollar is consolidating the upside amid a cautious market tone, as investors assess Friday's US NFP blowout and hawkish Fed expectations. Eurozone data coming up next. 

EUR/USD News

GBP/USD attempts to cross 1.2050, downside looks likely amid US-China tensions

GBP/USD attempts to cross 1.2050, downside looks likely amid US-China tensions

The GBP/USD pair has attempted to extend its rebound move above the critical resistance of 1.2050 in the Tokyo session. The Cable gauged an intermediate cushion around 1.2000 amid subdued performance by the US Dollar Index (DXY).

GBP/USD News

Gold bulls need validation from $1,905

Gold bulls need validation from $1,905

Gold price rebounds from monthly low, grinding higher around intraday tops surrounding $1,878 heading into Monday’s European session. In doing so, the yellow metal snaps a two-day downtrend amid the sluggish US Dollar.

Gold News

Is this the beginning of the end for bulls?

Is this the beginning of the end for bulls?

Bitcoin is the glue that is holding this 2023 bull run intact for Ethereum, Ripple and other altcoins. But chinks in BTC bulls’ armor are beginning to show, therefore, investors need to be cautious of a sudden reversal. 

Read more

The Week Ahead - RBA rate meeting, UK Q4 GDP and earnings

The Week Ahead - RBA rate meeting, UK Q4 GDP and earnings

Back in November the RBA hiked rates by a less than expected 25bps, amidst concern about the effects recent rate hikes were having on the Australian economy and ergo the housing market. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures