EUR/USD Price Analysis: Further losses likely below 1.1590

EUR/USD regains some ground following Monday’s drop.
The breakdown of 1.1590 should allow for a deeper pullback.

Pablo Piovano FXStreet

EUR/USD regains some composure and looks to extend the bounce above the 1.1600 mark on a more sustainable fashion.

In the meantime, the inability of spot to move higher in the short-term horizon could trigger some corrective move to, initially, the weekly low at 1.1590 (October 25). A drop beyond this level is seen exposing another weekly low near 1.1570 (October 18), all prior to the 2021 low at 1.1524 (October 12).

In the meantime, the near-term outlook for EUR/USD is seen on the negative side below the key 200-day SMA, today at 1.1911.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1619
Today Daily Change	31
Today Daily Change %	0.09
Today daily open	1.1608

Trends
Daily SMA20	1.16
Daily SMA50	1.1704
Daily SMA100	1.179
Daily SMA200	1.1916

Levels
Previous Daily High	1.1665
Previous Daily Low	1.1591
Previous Weekly High	1.167
Previous Weekly Low	1.1572
Previous Monthly High	1.1909
Previous Monthly Low	1.1563
Daily Fibonacci 38.2%	1.1619
Daily Fibonacci 61.8%	1.1637
Daily Pivot Point S1	1.1577
Daily Pivot Point S2	1.1547
Daily Pivot Point S3	1.1503
Daily Pivot Point R1	1.1652
Daily Pivot Point R2	1.1696
Daily Pivot Point R3	1.1726

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.

EUR/USD keeps the offered stance just above 1.1700

EUR/USD is coming under heavy selling pressure in what has been a rather grim start to the new trading week, with the pair now trading close to the 1.1700 support area as the US Dollar stages a solid rebound. The prevailing flight to safety mood continues to favour the Greenback, as investors react to the escalating conflict in the Middle East and trim risk exposure across the board.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold trims losses, back below $5,400

Gold now surrenders part of the earlier advance past the $5,400 mark per troy ounce at the beginning of the week. Indeed, the precious metal’s strong uptick remains fuelled by increasing geopolitical tensions in the Middle East amid the intense demand for safer assets.