EUR/USD Price Analysis: Further correction remains on the table

EUR/USD’s downside momentum re-tests 1.1860/55.
A drop to visit the 5-day SMA at 1.1813 should not be disregarded.

Pablo Piovano FXStreet

EUR/USD’s leg lower stays well in place so far this week. The move from post-NFP highs beyond 1.19 the figure has so far met contention near 1.1860.

Despite the current knee-jerk, the very near-term outlook for the pair stays positive and points to further gains on a daily close above recent tops near 1.1910.

Against this, there is an interim hurdle at the 100-day SMA, today at 1.1948, while the 55-day SMA, today at 1.1813, remains the magnet for EUR-bears.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2000.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1862
Today Daily Change	25
Today Daily Change %	-0.08
Today daily open	1.1871

Trends
Daily SMA20	1.1773
Daily SMA50	1.1805
Daily SMA100	1.195
Daily SMA200	1.2004

Levels
Previous Daily High	1.1886
Previous Daily Low	1.1856
Previous Weekly High	1.1909
Previous Weekly Low	1.1783
Previous Monthly High	1.19
Previous Monthly Low	1.1664
Daily Fibonacci 38.2%	1.1867
Daily Fibonacci 61.8%	1.1875
Daily Pivot Point S1	1.1856
Daily Pivot Point S2	1.184
Daily Pivot Point S3	1.1825
Daily Pivot Point R1	1.1886
Daily Pivot Point R2	1.1902
Daily Pivot Point R3	1.1917

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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