EUR/USD Price Analysis: Focus on two-month-old support near 1.1750
- EUR/USD remains pressured around three-week lows, consolidate the biggest daily fall in a month.
- Firmer Momentum back-up to the south-run, 50-DMA break favor sellers.
- Bulls remain unconvinced before witnessing a break of 1.1910.
EUR/USD stays on the back foot around 1.1765 amid Friday’s Asian session.
The major currency pair dropped the most since August 17 the previous day after breaking the 50-DMA key support.
However, the quote’s further downside needs confirmation from a horizontal area established since July, around 1.1750.
Given the positive Momentum during the downside and the key moving average break, EUR/USD is likely to conquer the stated key support near 1.1750, which in turn will direct the sellers toward the yearly low near 1.1665. During the fall, early August low near 1.1710 may entertain the bears.
On the flip side, recovery moves remain doubtful unless crossing the 50-DMA level of 1.1797 on a daily closing basis.
Also acting as the key upside hurdle is a horizontal area comprising double tops around 1.1910.
EUR/USD: Daily chart
Trend: Further weakness expected
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.
