EUR/USD Price Analysis: Further retracements in store

EUR/USD weakens to new multi-month lows around 1.0530.
Next on the downside emerges the March low at 1.0516.

Pablo Piovano FXStreet

EUR/USD keeps the selling pressure well in place for the 7^th session in a row on Wednesday, printing new six-month lows around 1.0530 .

The continuation of the downward bias should leave the pair vulnerable to further losses with the immediate target at the March low of 1.0516 (Mar 8), which is the last defence ahead of an assault on the 2023 low at 1.0481 (January 6).

While below the key 200-day SMA at 1.0827, the pair is likely to face extra weakness.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0546
Today Daily Change	40
Today Daily Change %	-0.26
Today daily open	1.0573

Trends
Daily SMA20	1.0711
Daily SMA50	1.0859
Daily SMA100	1.0869
Daily SMA200	1.083

Levels
Previous Daily High	1.0609
Previous Daily Low	1.0562
Previous Weekly High	1.0737
Previous Weekly Low	1.0615
Previous Monthly High	1.1065
Previous Monthly Low	1.0766
Daily Fibonacci 38.2%	1.058
Daily Fibonacci 61.8%	1.0591
Daily Pivot Point S1	1.0554
Daily Pivot Point S2	1.0534
Daily Pivot Point S3	1.0507
Daily Pivot Point R1	1.0601
Daily Pivot Point R2	1.0628
Daily Pivot Point R3	1.0648

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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