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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	1.1765
Today Daily Change	-0.0053
Today Daily Change %	-0.45%
Today daily open	1.1818

Trends
Daily SMA20	1.18
Daily SMA50	1.1801
Daily SMA100	1.1933
Daily SMA200	1.1995

Levels
Previous Daily High	1.1832
Previous Daily Low	1.1799
Previous Weekly High	1.1886
Previous Weekly Low	1.1802
Previous Monthly High	1.19
Previous Monthly Low	1.1664
Daily Fibonacci 38.2%	1.1819
Daily Fibonacci 61.8%	1.1812
Daily Pivot Point S1	1.1801
Daily Pivot Point S2	1.1784
Daily Pivot Point S3	1.1768
Daily Pivot Point R1	1.1833
Daily Pivot Point R2	1.1849
Daily Pivot Point R3	1.1866

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.

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