• EUR/USD remains heavy around the lowest levels in 14 months.
  • 200-week SMA, 2019 yearly peak challenge the bears.
  • 100-week SMA, previous support from April guard recovery moves.

EUR/USD flirts with 1.1600, holding lower ground near the yearly low amid Thursday’s Asian session.

The major currency pair dropped to the multi-day low after breaking the 1.1600 threshold the previous day. However, the bears have another test to pass to keep the reins going forward.

Among them, an area comprising 200-week SMA and January 2019 high around 1.1570 becomes crucial support as RSI inches closer to the oversold region.

Following that, 50% Fibonacci retracement (Fibo.) of March 2020 to January 2021 upside and early 2020 high, close to 1.1495, will gain the market’s attention.

Meanwhile, the corrective pullback will have to stay beyond the 100-week SMA level surrounding 1.1600, also ignore bearish MACD, to aim for the support-turned-resistance line from April near 1.1650.

Should the quote rise past 1.1650, the 38.2% Fibo. near 1.1700 will provide an additional challenge to the EUR/USD bulls before giving them the throne.

Overall, EUR/USD bears have tough questions to answer and hence odds of a bounce can’t be ruled out. However, the trend change isn’t on the table.

EUR/USD: Weekly chart

Trend: Corrective pullback expected

Additional important levels

Overview
Today last price 1.1598
Today Daily Change -0.0085
Today Daily Change % -0.73%
Today daily open 1.1683
 
Trends
Daily SMA20 1.1783
Daily SMA50 1.1782
Daily SMA100 1.1901
Daily SMA200 1.1974
 
Levels
Previous Daily High 1.1703
Previous Daily Low 1.1668
Previous Weekly High 1.1756
Previous Weekly Low 1.1684
Previous Monthly High 1.19
Previous Monthly Low 1.1664
Daily Fibonacci 38.2% 1.1682
Daily Fibonacci 61.8% 1.169
Daily Pivot Point S1 1.1667
Daily Pivot Point S2 1.165
Daily Pivot Point S3 1.1632
Daily Pivot Point R1 1.1702
Daily Pivot Point R2 1.172
Daily Pivot Point R3 1.1737

 

 

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