EUR/USD Price Analysis: Further weakness seems in the pipeline

EUR/USD sheds further ground and drops to new YTD lows.
Next on the downside comes the round level of 1.0400.

Pablo Piovano FXStreet

EUR/USD alternates gains with losses after bottoming out in new 2023 lows near 1.0460 on Tuesday.

If bears remain in control, the pair could embark on a probable challenge of the round level of 1.0400. If spot breaches this level, then it should meet the next support of note at 1.0290 (November 30, 2022).

Meanwhile, further losses remain on the table as long as the pair navigates the area below the key 200-day SMA, today at 1.0.825.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0481
Today Daily Change	40
Today Daily Change %	0.04
Today daily open	1.0477

Trends
Daily SMA20	1.065
Daily SMA50	1.0811
Daily SMA100	1.0854
Daily SMA200	1.0828

Levels
Previous Daily High	1.0592
Previous Daily Low	1.0477
Previous Weekly High	1.0656
Previous Weekly Low	1.0488
Previous Monthly High	1.0882
Previous Monthly Low	1.0488
Daily Fibonacci 38.2%	1.0521
Daily Fibonacci 61.8%	1.0548
Daily Pivot Point S1	1.0439
Daily Pivot Point S2	1.0401
Daily Pivot Point S3	1.0324
Daily Pivot Point R1	1.0554
Daily Pivot Point R2	1.063
Daily Pivot Point R3	1.0668

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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