EUR/USD Price Analysis: Further decline could see a test of 1.1168

EUR/USD bounces off cycle lows and retests 1.1230.
Below the YTD the pair should target 1.1168.

Pablo Piovano FXStreet

EUR/USD manages to find some dip buyers and advances further north of the 1.1200 mark on Thursday.

If spot breaches the 2021 low at 1.1186 (November 24) then the next target of note emerges at July’s 2020 low at 1.1185 (July 1) before 1.1168 (June 19 2020). The ongoing technical correction also comes in response to the current oversold condition of the pair.

The probability of further losses remains unchanged as long as EUR/USD trades below the 2-month resistance line (off September’s peak) near 1.1580. In the longer run, the offered stance in spot is expected to persist while below the 200-day SMA at 1.1840.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1218
Today Daily Change	36
Today Daily Change %	0.12
Today daily open	1.1205

Trends
Daily SMA20	1.1453
Daily SMA50	1.1561
Daily SMA100	1.1681
Daily SMA200	1.1846

Levels
Previous Daily High	1.1255
Previous Daily Low	1.1186
Previous Weekly High	1.1464
Previous Weekly Low	1.125
Previous Monthly High	1.1692
Previous Monthly Low	1.1524
Daily Fibonacci 38.2%	1.1213
Daily Fibonacci 61.8%	1.1229
Daily Pivot Point S1	1.1176
Daily Pivot Point S2	1.1147
Daily Pivot Point S3	1.1107
Daily Pivot Point R1	1.1245
Daily Pivot Point R2	1.1285
Daily Pivot Point R3	1.1314

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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