EUR/USD Price Analysis: Further consolidation remains on the cards


  • The correction lower in EUR/USD met support in the 1.0870 area.
  • The pair’s upside remains limited by the 200-day SMA bove 1.1000.

The decline in EUR/USD seems to have bottomed out around Monday’s lows in the 1.0870 region for the time being.

If sellers regain the upper hand, then a potential drop to the previous consolidative pattern in the 1.0800 neighbourhood remains a palpable chance. Above the 200-day SMA, today at 1.1011, the selling pressure is expected to mitigate somewhat and allow for a probable move to late March peaks in the mid-1.1100s.

Looking at the broader picture, the rangebound theme is expected to prevail at least in the short-term horizon.

EUR/USD daily chart

EUR/USD

Overview
Today last price 1.0898
Today Daily Change 38
Today Daily Change % -0.04
Today daily open 1.0902
 
Trends
Daily SMA20 1.0872
Daily SMA50 1.0885
Daily SMA100 1.0965
Daily SMA200 1.1015
 
Levels
Previous Daily High 1.0954
Previous Daily Low 1.0885
Previous Weekly High 1.1009
Previous Weekly Low 1.08
Previous Monthly High 1.1039
Previous Monthly Low 1.0727
Daily Fibonacci 38.2% 1.0912
Daily Fibonacci 61.8% 1.0928
Daily Pivot Point S1 1.0874
Daily Pivot Point S2 1.0846
Daily Pivot Point S3 1.0806
Daily Pivot Point R1 1.0942
Daily Pivot Point R2 1.0982
Daily Pivot Point R3 1.101

 

 

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