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

EUR/USD resumes the downside and flirts with a breach of 1.0400.
The June low at 1.0358 should offer decent contention initially.

Pablo Piovano FXStreet

EUR/USD maintains the bearish bias unchanged and keeps navigating the area of 2-week lows on Friday.

The inability to surpass the 4-month line near 1.0640 should keep the downside pressure well in place around the pair for the time being. Against that, there is a minor support at the weekly low at 1.0382 (June 30) ahead of the June low at 1.0358 (June 15). A deeper pullback should put a visit to the 2022 low at 1.0348 (May 13) back on the radar.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1106.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0407
Today Daily Change	93
Today Daily Change %	-0.73
Today daily open	1.0484

Trends
Daily SMA20	1.055
Daily SMA50	1.0579
Daily SMA100	1.0811
Daily SMA200	1.1114

Levels
Previous Daily High	1.0489
Previous Daily Low	1.0383
Previous Weekly High	1.0606
Previous Weekly Low	1.0469
Previous Monthly High	1.0774
Previous Monthly Low	1.0359
Daily Fibonacci 38.2%	1.0448
Daily Fibonacci 61.8%	1.0423
Daily Pivot Point S1	1.0415
Daily Pivot Point S2	1.0345
Daily Pivot Point S3	1.0308
Daily Pivot Point R1	1.0521
Daily Pivot Point R2	1.0558
Daily Pivot Point R3	1.0627

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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